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EUR/JPY Technical Analysis: Euro Rejected Below 129.00

EUR/JPY Technical Analysis: Euro Rejected Below 129.00

2015-04-20 20:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 127.63, 126.08, 124.79
  • Resistance:128.58, 130.13, 131.38

The Euro corrected lower against the Japanese Yen after retesting support-turned-resistance below the 129.00 figure. A daily close above the 23.6% Fibonacci retracement at 128.58 exposes the 38.2% level at 130.13. Alternatively, reversal below the 14.6% Fib at 127.63 clears the way for a test of the April 14 low at 126.08.

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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EUR/JPY Technical Analysis: Euro Rejected Below 129.00

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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