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EUR/JPY Technical Analysis: Holding in Familiar Range

EUR/JPY Technical Analysis: Holding in Familiar Range

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 128.00, 126.85, 125.69
  • Resistance:130.63, 131.79, 132.94

The Euro launched a recovery against the Japanese Yen but prices failed to overcome now-familiar range boundaries. A daily close below the 38.2% Fibonacci expansion at 128.00 exposes the 50% level at 126.85. Alternatively, reversal above the 38.2% Fib retracement at 130.63 clears the way for a challenge of the 50% threshold at 131.79.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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EUR/JPY Technical Analysis: Holding in Familiar Range

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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