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Bank of England votes 7-2 to hike by 25 bps, to 4.25%

EUR/JPY Technical Analysis: Four-Day Win Streak Broken

EUR/JPY Technical Analysis: Four-Day Win Streak Broken

Ilya Spivak,

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 135.36, 134.38, 132.80
  • Resistance:137.26, 138.43, 139.60

The Euro turned lower against the Japanese Yen as expected after negative RSI divergence hinted at ebbing upside momentum. A daily close below the 14.6% Fibonacci retracement at 135.36 exposes the 23.6% level at 134.38. Alternatively, reversal above the 38.2% Fib expansion at 137.26 clears the way for a test of the 50% threshold at 138.43.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.