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EUR/JPY Technical Analysis: Resistance Above 135.00 Broken

EUR/JPY Technical Analysis: Resistance Above 135.00 Broken

2015-05-07 03:09:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 135.13, 131.68, 129.54
  • Resistance:137.93, 140.73, 144.19

The Euro extended upward against the Japanese Yen, with prices now seemingly poised for a move toward the 138.00 figure. Near-term resistance is at 137.93, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 140.73. Alternatively, turn below the 38.2% Fib at 135.13 opens the door for a challenge of the 23.6% retracement at 131.68.

A long 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: Resistance Above 135.00 Broken

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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