Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/JPY Technical Analysis: Trying to Clear Path Downward

EUR/JPY Technical Analysis: Trying to Clear Path Downward

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 135.94, 133.10, 131.07
  • Resistance:137.97, 139.47, 141.23

The Euro continued to edge lower against the Japanese Yen after prices filled in the sharp price gap formed at the weekly trading open. Near-term support is at 135.94, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 133.10-75 area (support shelf, June 29 low). Alternatively, a move above the 137.28-97 zone (23.6% level, support-turned-resistance) opens the door for a challenge of the 38.2% Fib at 139.47.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Trying to Clear Path Downward

--- 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.

DISCLOSURES