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EUR/JPY Technical Analysis: Euro Drops Most Since 2013

EUR/JPY Technical Analysis: Euro Drops Most Since 2013

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 134.13, 132.40, 130.20
  • Resistance:135.96, 137.06, 138.17

The Euro remains under pressure against the Japanese Yen, with prices yielding the largest decline in close to two years. A daily close below the 134.46-60 area marked by the October 16 low and the 76.4% Fibonacci expansionexposes the 100% level at 132.40. Alternatively, a reversal above the 61.8% Fib at 135.96 opens the door for a test of the 50% expansion at 137.06.

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