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 Below 130.00

EUR/JPY Technical Analysis: Digesting Losses Below 130.00

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

The Euro turned lower against the Japanese Yen as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is at 126.86, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 124.54. Alternatively, a reversal above the 129.17-130.13 area (38.2% Fibonacci expansion, January 26 low) clears the way for a challenge of the 23.6% expansionat 132.04.

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