EUR/JPY Technical Analysis – Flat-Lined Below 142.00 Mark

DailyFX

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.71 (rising trend line)
  • Resistance: 141.75 (38.2% Fib exp.), 142.48 (falling trend line)

The Euro is flat-lining against the Japanese Yen, with prices slowly drifting sideways below the 142.00 figure. Initial resistance is at 141.75, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis targeting a downward-sloping trend line set from late December (now at 142.48). Near-term support lines up at a rising trend line in play since mid-February, currently at 140.71.

Risk/reward considerations argue against taking a long position with prices trading in close proximity to relevant resistance. We will remain on the sidelines for the time being, waiting for a more attractive setup to present itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

View photo

.
EUR/JPY Technical Analysis – Flat-Lined Below 142.00 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)