EUR/JPY Technical Analysis: Euro Bounce Stalls Sub-148.00
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- EUR/JPY Technical Strategy: Flat
- Support: 144.95, 143.80, 141.95
- Resistance:147.23, 148.64, 149.78
The Euro has stalled below the 148.00 figure after attempting to mount a tepid recovery against the Japanese Yen. A daily close above the 14.6% Fibonacci expansionat 147.23 exposes the 23.6% level at 148.64. Alternatively, a reversal below December 16 low at 144.95 opens the door for a test of the 38.2% Fib retracement at 143.80.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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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.