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EUR/JPY Technical Analysis: Top Set at 135.00 Figure?

EUR/JPY Technical Analysis: Top Set at 135.00 Figure?

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 preparing to decline against the Japanese Yen after prices put in a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci expansionat 131.82 exposes the 23.6% level at 129.69. Alternatively, reversal above the 38.2% Fib retracement at 135.13 clears the way for a test of the 50% threshold at 137.93.

While entering short is a compelling proposition from a purely technical perspective, we will tactically opt to stand for now. Sentiment-linked Yen pairs may see positioning derailed by reactions to this week’s high-profile event risk. With that in mind, we will stay flat for the time being.

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EUR/JPY Technical Analysis: Top Set at 135.00 Figure?

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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