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EUR/JPY Technical Analysis: Euro Aiming Below 144.00

EUR/JPY Technical Analysis: Euro Aiming Below 144.00

2014-12-30 23:19:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 143.80, 141.95, 140.11
  • Resistance:145.57, 147.23, 148.64

The Euro resumed its down move against the Japanese Yen, with prices issuing the largest daily decline in two weeks. A daily close below the 38.2% Fibonacci retracement at 143.80 exposes the 50% level at 141.95. Alternatively, a reversal above support-turned-resistance at 145.57, the November 24 low, opens the door for a test of the 14.6% Fib expansion at 147.23.

While entering short is tempting from a purely technical perspective, we will tactically opt to stand aside. Thin pre-holiday liquidity conditions hint follow-through on current price action may prove lackluster and we will wait for the onset of 2015 before committing to a directional bias.

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EUR/JPY Technical Analysis: Euro Aiming Below 144.00

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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