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EUR/JPY Technical Analysis: Support Below 134.00 in Focus

EUR/JPY Technical Analysis: Support Below 134.00 in Focus

2015-02-16 23:07:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 133.81, 132.04, 129.17
  • Resistance:137.64, 139.95, 142.27

The Euro may be preparing to resume its down trend against the Japanese Yen having produced a bearish Evening Star candle pattern. The outer layer of near-term support is at 133.81, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 132.04. Alternatively, a turn above the 38.2% Fib retracement at 137.64 clears the way for a challenge of the 50% threshold at 139.95.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish 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: Support Below 134.00 in Focus

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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