EUR/JPY Technical Analysis: Euro Snaps 5-Day Loss Streak
08 Jan 2015 00:24, GMTTo receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 140.54, 139.97, 139.40
- Resistance:141.24, 142.38, 143.52
The Euro snapped five consecutive days of losses against the Japanese Yen, pausing to consolidate above the 140.00 figure. A daily close below the 138.2% Fibonacci expansionat 140.54 exposes the 150% level at 139.97. Alternatively, a reversal above the 123.6% Fib at 141.24 opens the door for a test of the 100% expansion at 142.38.
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!
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.