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EUR/JPY Technical Analysis: Waiting to Re-Enter Short

EUR/JPY Technical Analysis: Waiting to Re-Enter Short

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 130.13, 128.00, 126.85
  • Resistance:131.79, 132.94, 134.37

The Euro is digesting gains after securing an upside breakout against the Japanese Yen on a breach of resistance dating back to December 2014. Near-term resistance is at 131.79, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 132.94. Alternatively, turn below the January 26 low at 130.13 clears the way for a challenge of the 38.2% Fib expansion at 128.00.

Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective, looking to enter short at a more attractive level rather than a seeing the move higher as a buying opportunity. In the meantime, we remain flat.

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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.

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