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: Opting to Pass on Long Trade

EUR/JPY Technical Analysis: Opting to Pass on Long Trade

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 134.77, 132.48, 130.71
  • Resistance: 137.64, 139.95, 142.27

The Euro is rising against the Japanese Yen as having shown a bullish Morning Star candlestick pattern. A daily close above the 38.2% Fib Fibonacci retracement at 137.64 exposes the 50% level at 139.95. Alternatively, a reversal below the 134.77-135.02 area marked by the October 14 low and the 23.6% Fib opens the door for a test of the 14.6% threshold at 133.00.

While entering long seems compelling from a purely technical perspective, we will tactically opt to stand aside.The correlation between EURJPY and the S&P 500 stock index warns the pair may sink if risk aversion breaks out following a Greece-focused meeting of Eurozone finance ministers today. With that in mind, we will stand aside.

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