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EUR/JPY Technical Analysis: Support Sub-127.00 Holding

EUR/JPY Technical Analysis: Support Sub-127.00 Holding

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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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EUR/JPY Technical Analysis: Support Sub-127.00 Holding

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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