EUR/JPY Technical Analysis: Euro Signals Rebound Ahead

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.78, 136.57, 136.22
  • Resistance: 137.04, 137.47, 137.81

The Euro may be preparing to launch a recovery against the Japanese Yen after prices produced a bullish Morning Star candlestick pattern. Near-term resistance is at 137.04, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 137.47. Alternatively, a reversal below the 14.6% level at 136.78 aims for the July 22 close at 136.57, followed by the February 4 low at 136.22.

Prices are wedged too closely between near-term support and resistance levels to justify entering a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.

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

EUR/JPY Technical Analysis: Euro Signals Rebound Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. EUR/JPY Technical Analysis: Marking Time Below 148.00
    Forex News

    EUR/JPY Technical Analysis: Marking Time Below 148.00

  2. EUR/JPY Technical Analysis: Support Found Above 145.00
    Forex News

    EUR/JPY Technical Analysis: Support Found Above 145.00

  3. EUR/JPY Technical Analysis: Euro Drops Most in 17 Months
    Forex News

    EUR/JPY Technical Analysis: Euro Drops Most in 17 Months

  4. Latest Promise of Easing from ECB Keeps Euro Rebound at Bay
    Forex News

    Latest Promise of Easing from ECB Keeps Euro Rebound at Bay

  5. EUR/JPY Technical Analysis: Rally Stumbles on Test of 149.00
    Forex News

    EUR/JPY Technical Analysis: Rally Stumbles on Test of 149.00

Trading Center