EUR/JPY Technical Analysis: Support Sub-127.00 Holding
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- EUR/JPY Technical Strategy: Flat
- Support: 126.85, 125.69, 124.27
- Resistance:128.00, 129.78, 131.05
The Euro turned downward against the Japanese Yen as expected following the appearance of a Shooting Star candlestick. Near-term support is at 126.85, the 50% Fibonacci expansion, with a break below that exposing the 61.8% level at 125.69. Alternatively, turn above the 38.2% Fib at 128.00 opens the door for a challenge of trend line support-turned-resistance at 129.78.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com