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EUR/JPY Technical Analysis: Candle Setup Hints at Downturn

EUR/JPY Technical Analysis: Candle Setup Hints at Downturn

2015-05-05 03:46:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 131.82, 129.69, 126.08
  • Resistance:135.13, 137.93, 140.73

The Euro may be readying to turn lower against the Japanese Yen once again after the formation of a Bearish Engulfing candlestick pattern. Near-term support is at 131.82, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 129.69. Alternatively, turn above the 38.2% Fib retracement at 135.13 opens the door for a challenge of the 50% threshold at 137.93.

A short trade is a tempting proposition on a purely technical basis but we are apprehensive about committing to a directional bias on sentiment-sensitive JPY-based pairs before the week’s high-profile scheduled event risk passes. With that in mind, we remain flat.

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EUR/JPY Technical Analysis: Candle Setup Hints at Downturn

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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