We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
More View more
EUR/JPY Technical Analysis: 2-Month Down Trend at Risk

EUR/JPY Technical Analysis: 2-Month Down Trend at Risk

2015-04-23 21:17:00
Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 128.58, 127.63, 126.08
  • Resistance:129.27, 130.13, 131.38

The Euro resumed its recovery against the Japanese Yen, with prices moving to challenge the bounds of the down trend established from mid-February. Near-term trend line resistance is at 129.27, with a break above that on a daily closing basis exposing the 38.2% Fibonacci retracement at 130.13. Alternatively, turn below the 23.6% level at 128.58 opens the door for a challenge of the 14.6% Fib at 127.63.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: 2-Month Down Trend at Risk

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.


News & Analysis at your fingertips.