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EUR/JPY Technical Analysis: A Top in Place Above 139.00?

EUR/JPY Technical Analysis: A Top in Place Above 139.00?

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.72, 137.02, 135.89
  • Resistance:139.22, 141.04, 142.23

The Euro may be carving out a top against the Japanese Yen having produced a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci expansionat 137.72 exposes the 23.6% level at 137.02. Alternatively, a push above the 76.4% Fib retracement at 139.22 opens the door for a challenge of the June 4 high at 141.04.

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.