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EUR/JPY Technical Analysis: Euro Hits Lowest in a Month

EUR/JPY Technical Analysis: Euro Hits Lowest in a Month

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 133.10, 131.99, 129.20
  • Resistance:135.45, 137.59, 141.04

The Euro is drifting lower against the Japanese Yen, with prices sliding to the weakest level in over a month. A daily close below the May 5 low at 133.10 exposes the 38.2% Fibonacci expansion at 131.99. Alternatively, a move above the 23.6% level at 135.45 clears the way for a test of the 14.6% Fib at 137.59.

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!

--- Written by Ilya Spivak, Currency Strategist for

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