DailyFX.com -

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.18, 137.91, 137.65
  • Resistance: 139.10, 139.29, 140.00

The Euro is edging higher as expected against the Japanese Yen after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is now at 139.10, the 23.6% Fibonacci retracement. A daily close above this barrier targets the top of a rising channel set from mid-June, now at 139.29. Alternatively, a drop through channel support – now at 138.18 – targets swing lows in the 137.65-91 area.

The ECB looks to be the most dovish of the leading central banks, putting the Euro at a disadvantage against its major counterparts. With that in mind, we will opt not to pursue a long position and wait for the bounce to produce a selling opportunity.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis – Pullback Meets Channel Floor

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/JPY Technical Analysis: Key Support Above 133.00

  2. Forex News

    Trading Video: Equity Volatility Belies Support Hold, Greek Discussions Restart

  3. Forex News

    US Dollar and Japanese Yen on Target to Hit these Price Levels

  4. Forex News

    USDOLLAR Index Makes First Attempt at Breakout

  5. Forex News

    EUR/JPY Technical Analysis: Euro Trims Weekly Open Gap

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!