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EUR/JPY Technical Analysis: Quiet Consolidation Continues

EUR/JPY Technical Analysis: Quiet Consolidation Continues

2014-12-30 01:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 144.95, 143.80, 141.95
  • Resistance:147.23, 148.64, 149.78

The Euro is treading water against the Japanese Yen following a tepid recovery stalled below the 148.00 figure. Near-term resistance is at 147.23, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 148.64. Alternatively, a turn below December 16 low at 144.95 clears the way for a challenge of the 38.2% Fib retracement at 143.80.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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EUR/JPY Technical Analysis: Quiet Consolidation Continues

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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