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Forex: EUR/JPY Technical Analysis – Support Found at 140.00 Mark

Ilya Spivak

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 139.95 (Mar 28 low)
  • Resistance: 141.73 (23.6% Fib exp.), 142.84 (38.2% Fib exp.)

The Euro recoiled higher to challenge the top of a now-familiar consolidation range having tested the 140.00 figure against the Japanese Yen. Near-term resistance is at 141.73, the 23.6% Fibonacci expansion, with a break above this barrier on a daily closing basis exposing the 38.2% level at 142.84. Near-term support is at 139.95, the March 28 low.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, entering short looks premature absent a defined bearish reversal signal. With that in mind, we will continue to stand aside for now.

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dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Support Found at 140.00 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

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

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