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EUR/JPY Technical Analysis: 3-Month Low Prompts Bounce

EUR/JPY Technical Analysis: 3-Month Low Prompts Bounce

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 134.13, 132.40, 130.20
  • Resistance:136.89, 138.25, 140.45

The Euro is attempting to launch a rebound against the Japanese Yen after producing the largest daily decline in nearly two years. A daily close above the 14.6% Fibonacci retracement at 136.89 exposes the 23.6% level at 138.25. Alternatively, a reversal below the 134.13-60 area marked by the October 16 low and the 76.4% Fib expansion opens the door for a test of the 100% threshold at 132.40.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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: 3-Month Low Prompts Bounce

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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