Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/JPY Technical Analysis: Euro Gains Most in 2 Months

EUR/JPY Technical Analysis: Euro Gains Most in 2 Months

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 131.87, 130.09, 128.31
  • Resistance:134.13, 135.43, 137.63

The Euro snapped a three-day losing streak against the Japanese Yen, producing the largest advance in over two months. A daily close above the 134.07-13 area marked by the 23.6% Fibonacci expansion and the October 16 low exposes the 14.6% level at 135.43. Alternatively, a reversal below the 38.2% Fib at 131.87 opens the door for a test of the 50% expansion at 130.09.

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!

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.

DISCLOSURES