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EUR/JPY Technical Analysis: Downturn Confirmation Pending

EUR/JPY Technical Analysis: Downturn Confirmation Pending

2015-02-20 04:51:00
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 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 the 14.6% Fibonacci expansion at 133.81 exposes the 23.6% level at 132.04. 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.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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EUR/JPY Technical Analysis: Downturn Confirmation Pending

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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