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EUR/JPY Technical Analysis: Euro Drops Most in Six Weeks

EUR/JPY Technical Analysis: Euro Drops Most in Six Weeks

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 142.38, 141.24, 140.54
  • Resistance:143.52, 144.23, 144.80

The Euro fell for a fourth consecutive day against the Japanese Yen, issuing the largest decline in six weeks. A daily close below the 100% Fibonacci expansion at 142.38 exposes the 123.6% level at 141.24. Alternatively, a reversal above the 76.4% Fib at 143.52 opens the door for a test of the 61.8% expansion at 144.23.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Euro Drops Most in Six 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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