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EUR/JPY Technical Analysis: Ready to Turn Lower Anew?

EUR/JPY Technical Analysis: Ready to Turn Lower Anew?

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 may be readying to turn lower anew against the Japanese Yen after prices put in a Shooting Star candlestick near range resistance. 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.

A Shooting Star is not a sufficiently significant signal to enter short, pointing to indecision rather than bearish reversal. With that in mind, we will remain flat for now, waiting for confirmation of a top in place to trigger a position.

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EUR/JPY Technical Analysis: Ready to Turn Lower Anew?

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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