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EUR/JPY Technical Analysis: Digesting Drop Above 140.00

EUR/JPY Technical Analysis: Digesting Drop Above 140.00

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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 has transition into consolidation mode above the 140.00 figure after sinking to a two-month low against the Japanese Yen. 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.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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 provides forex news and technical analysis on the trends that influence the global currency markets.