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EUR/JPY Technical Analysis: Sharp Euro Selloff Pauses

EUR/JPY Technical Analysis: Sharp Euro Selloff Pauses

2014-12-12 04:05:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 146.08, 143.79, 141.95
  • Resistance:147.48, 149.78, 151.19

The Euro declined as expected against the Japanese Yen following the appearance of bearish Dark Cloud Cover candlestick pattern. Near-term support is at 146.08, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 143.79. Alternatively, a turn above the 14.6% Fib at 147.48 clears the way for a challenge of the December 5 high at 149.78.

Current positioning does not offer an actionable trade setup. Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of an immediate bearish reversal signal suggests taking up the short side is premature.

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EUR/JPY Technical Analysis: Sharp Euro Selloff Pauses

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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