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EUR/JPY Technical Analysis: October Low Under Pressure

EUR/JPY Technical Analysis: October Low Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 134.07, 131.87, 130.09
  • Resistance:135.43, 137.63, 139.21

The Euro stalled after reclaiming a foothold above the 137.00 figure against the Japanese Yen, snapping three days of consecutive gains. A daily close below the 134.07-13 area marked by the October 16 low and the 23.6% Fibonacci expansion exposes the 38.2% level at 131.87.Alternatively, a reversal above the 14.6% Fib at 135.43 opens the door for a test of the January 20 high at 137.63.

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!

EUR/JPY Technical Analysis: October Low Under Pressure

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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