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EUR/JPY Technical Analysis: Eyeing Support Below 139.00

EUR/JPY Technical Analysis: Eyeing Support Below 139.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.86, 136.95, 135.33
  • Resistance:141.39, 143.95, 146.52

The Euro is edging cautiously lower against the Japanese Yen after putting in a Shooting Star candlestick. A daily close below the 14.6% Fibonacci retracementat 138.86 exposes the 136.95-137.51 area (May 18 high, 23.6% level). Alternatively, a reversal above the 76.4% Fib expansion at 141.39 clears the way for a test of the 100% threshold at 143.95.

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.

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EUR/JPY Technical Analysis: Eyeing Support Below 139.00

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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