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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/JPY Technical Analysis: Digesting Losses Above 132.00

EUR/JPY Technical Analysis: Digesting Losses Above 132.00

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

The Euro is digesting losses having declined as expected against the Japanese Yen after snapping the uptrend in play since early January. A daily close below the 23.6% Fibonacci expansionat 132.04 exposes the 129.17-130.13 area (38.2% level, January 26 low). Alternatively, a turn back above the 133.54-81 zone (14.6% Fib, January 20 low) opens the door for a test of the 136.68-137.64 region (trend line support-turned-resistance, February 12 high, 38.2% Fib retracement).

We entered short EURJPY at 135.25 and subsequently booked profits on half of the position. The rest of the trade remains open to capture any further downside. The stop-loss has been adjusted to the breakeven level (135.25).

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