EUR/JPY Technical Analysis: Key Support Just Above 146.00
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- EUR/JPY Technical Strategy: Flat
- Support: 146.08, 143.79, 141.95
- Resistance:148.40, 149.78, 151.21
The Euro is reversed lower against the Japanese Yen as expected after prices put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 146.08 exposes the 38.2% level at 143.79. Alternatively, a reversal above trend line support-turned-resistance at 148.40 opens the door for a test of the December 5 high at 149.78.
An actionable trade setup is absent for the time being. We will stand aside, waiting for the pair to produce a better-defined long or short trade opportunity.
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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.