EUR/JPY Technical Analysis: Euro Decline May Be Ahead
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- 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. 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
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.