EUR/JPY Technical Analysis: Support Now Below 127.00
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- EUR/JPY Technical Strategy: Flat
- Support: 126.85, 125.69, 124.27
- Resistance:128.00, 129.41, 131.05
The Euro declined against the Japanese Yen as expected after prices put in a Shooting Star candlestick at range resistance. A daily close below the 50% Fibonacci expansion at 126.85 exposes the 61.8% level at 125.69. Alternatively, reversal above the 38.2% Fib at 128.00 clears the way for a test of trend line support-turned-resistance at 129.41.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.