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EUR/JPY Technical Analysis: Waiting to Confirm Topping

EUR/JPY Technical Analysis: Waiting to Confirm Topping

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 133.65, 132.20, 131.03
  • Resistance:134.54, 135.98, 136.61

The Euro may be carving out a top against the Japanese Yen after having produced a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci retracementat 133.65 exposes the 38.2% level at 132.20. Alternatively, reversal above the 14.6% Fib at 134.54 clears the way for a test of the May 7 high at 135.98.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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EUR/JPY Technical Analysis: Waiting to Confirm Topping

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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