EUR/JPY Technical Analysis: June Low Holds as Support

By DailyFx | July 14, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.65-83, 136.93, 136.63
  • Resistance: 138.29, 138.75, 139.27

The Euro turned lower anew against the Japanese Yen, dropping below support guiding the upswing from the mid-June swing bottom. Initial support is in the 137.65-83 area, marked by the 23.6% Fibonacci expansion and the June 12 low. A break below that on a daily closing basis exposes the 38.2% level at 136.93. This barrier is reinforced by a falling channel bottom at 136.63. Alternatively, a turn back above the trend line – now recast as resistance at 138.29 – opens the door for a move to the July 9 high at 138.75.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more attractive opportunity to emerge.

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

EUR/JPY Technical Analysis: June Low Holds as Support

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. EUR/JPY Technical Analysis: Passing on Long Trade Setup
    Forex News

    EUR/JPY Technical Analysis: Passing on Long Trade Setup

  2. EUR/USD Pivots at Last Week’s Low - Surprise PMIs End EZ Data Drought
    Forex News

    EUR/USD Pivots at Last Week’s Low - Surprise PMIs End EZ Data Drought

  3. EUR/JPY Technical Analysis: Former Resistance Now Support
    Forex News

    EUR/JPY Technical Analysis: Former Resistance Now Support

  4. EUR/JPY Technical Analysis: Euro Rebound Meets Resistance
    Forex News

    EUR/JPY Technical Analysis: Euro Rebound Meets Resistance

  5. EUR/JPY Technical Analysis: Fighting Resistance Below 137.00
    Forex News

    EUR/JPY Technical Analysis: Fighting Resistance Below 137.00

Trading Center