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EUR/JPY Technical Analysis: August Highs Back in Focus

EUR/JPY Technical Analysis: August Highs Back in Focus

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.36, 137.86, 137.05
  • Resistance:139.17, 139.83, 140.48

The Euro continued to recover for a second consecutive day, with prices poised to challenge monthly highs. Near-term resistance is in the 138.85-139.17 area (August 12 high, 38.2% Fibonacci expansion), with a break above that on a daily closing basis exposing the 50% level at 139.83. Alternatively, a move below the 23.6% Fib expansion at 138.36 clears the way for a test of the 14.6% expansion at 137.86.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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!

--- Written by Ilya Spivak, Currency Strategist for

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