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EUR/JPY Technical Analysis: Sellers Threaten 140.00 Break

EUR/JPY Technical Analysis: Sellers Threaten 140.00 Break

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.54, 139.97, 139.40
  • Resistance:141.24, 142.38, 143.52

The Euro slumped to levels unseen since early November against the Japanese Yen, with sellers poised to clear a path below the 140.00 mark. Near-term support is at 140.54, the 138.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 150% level at 139.97. Alternatively, a turn above the 123.6% Fib at 141.24 clears the way for a challenge of the 100% expansion at 142.38.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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

EUR/JPY Technical Analysis: Sellers Threaten 140.00 Break

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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