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EUR/JPY Technical Analysis: Down Trend Ready to Resume?

EUR/JPY Technical Analysis: Down Trend Ready to Resume?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 134.67, 133.81, 132.04
  • Resistance:137.64, 139.95, 142.27

The Euro may be readying to turn lower anew against the Japanese Yen anew having put in a bearish Evening Star candle pattern after bouncing as expected. A daily close below channel support at 134.67 exposes the 14.6% Fibonacci expansion at 133.81. Alternatively, a reversal above the 38.2% Fib retracement at 137.64 opens the door for a test of the 50% threshold at 139.95.

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: Down Trend Ready to Resume?

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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