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EUR/JPY Technical Analysis: Longest Rally in Two Years

EUR/JPY Technical Analysis: Longest Rally in Two Years

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 139.80, 138.52, 137.24
  • Resistance:141.39, 143.95, 146.52

The Euro continues to push higher against the Japanese Yen, producing the longest winning streak in close to two years. A daily close above the 76.4% Fibonacci expansion at 141.39 exposes the 100% level at 143.95. Alternatively, a reversal below the 61.8% Fib at 139.80 clears the way for a test of the 50% expansion at 138.52.

A long trade seems tempting from a purely technical perspective but we will tactically stand aside until Greece-inspired volatility risk passes. Another breakdown of negotiations between Athens and its creditors or a failure repay an IMF loan by Friday may derail bullish technical positioning. With that in mind, we will wait on the sidelines for now.

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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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