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EUR/JPY Technical Analysis: Support Above 129.00 in Focus

EUR/JPY Technical Analysis: Support Above 129.00 in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 129.20, 128.00, 126.85
  • Resistance:130.63, 131.79, 132.94

The Euro turned sharply lower against the Japanese Yen but confirmation of dominant down trend resumption is absent thus far. Near-term trend line resistance-turned-support is at 129.20, with a break below that on a daily closing basis exposing the 38.2% Fibonacci expansion at 128.00. Alternatively, turn above the 38.2% Fib retracement at 130.63 opens the door for a test of the 50% threshold at 131.79.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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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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