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EUR/JPY Technical Analysis: Waiting for Upside Follow-Through

EUR/JPY Technical Analysis: Waiting for Upside Follow-Through

2015-02-03 04:45:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 131.48, 129.71, 126.84
  • Resistance:134.77, 137.64, 139.95

The Euro may be readying to move higher against the Japanese Yen after putting in a bullish Morning Star candlestick pattern. Positive RSI divergence reinforces the case for an advance. Near-term resistance is in the 134.13-77 area, marked by the October 16 low and the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 137.64. Alternatively, a turn below the 14.6% Fib expansion at 131.48 clears the way for a challenge of the 23.6% threshold at 129.71.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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EUR/JPY Technical Analysis: Waiting for Upside Follow-Through

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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