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

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

2015-02-15 22:53:00
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.

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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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