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

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

Ilya Spivak, Head Strategist, APAC

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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!

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

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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