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: Support Below 134.00 in Focus

EUR/JPY Technical Analysis: Support Below 134.00 in Focus

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

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.

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