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EUR/JPY Technical Analysis: Euro at Weakest in 8 Weeks

EUR/JPY Technical Analysis: Euro at Weakest in 8 Weeks

2015-01-05 04:15:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 144.23, 143.52, 142.38
  • Resistance:144.80, 145.37, 146.07

The Euro has slumped to the weakest level in 8 weeks against the Japanese Yen as sellers try to clear a path below the 143.00 figure. Near-term support is at 144.23, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 143.52. Alternatively, a turn above the 50% Fib at 477.80 clears the way for a challenge of the 38.2% expansion at 145.37.

Prices are wedged too closely between immediate support and resistance barriers to justify entering a trade on the long or short side from a risk/reward perspective. We will remain flat for now, waiting for a more attractive opportunity to present itself.

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EUR/JPY Technical Analysis: Euro at Weakest in 8 Weeks

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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