DailyFX.com -

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.58, 136.22, 135.94
  • Resistance:137.80, 138.69, 139.41

The Euro turned lower anew after a brief recovery against the Japanese Yen, tagging the lowest level in six months. A daily close below support at 136.58, the 23.6% Fibonacci expansion, initially exposes the February 4 low at 136.22. Alternatively, a turn above the 14.6% Fib at 137.13clears the way for a challenge of support-turned-resistance at 137.65.

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 entering long 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!

EUR/JPY Technical Analysis: Euro Bounce vs. Yen Flounders

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

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

  2. Forex News

    USDOLLAR Index Makes First Attempt at Breakout

  3. Forex News

    EUR/JPY Technical Analysis: Euro Trims Weekly Open Gap

  4. Forex News

    What are the Traits of Successful Traders?

  5. Forex News

    Webinar: Greek Gaps in Focus- Technical Setups in Play this Week

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!