EUR/JPY Technical Analysis – Opting Against Long Position

| 16 april, 2014 | 0 kommentarer

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 140.50 (rising trend line)
  • Resistance: 141.75 (38.2% Fib exp.), 142.73 (falling trend line)

The Euro may be readying to turn higher against the Japanese Yen after prices produced a bullish Piercing Line candlestick pattern above trend line support from mid-February. A daily close above initial resistance at 141.75, the 38.2% Fibonacci expansion, exposes a downward-sloping trend line resistance at 142.73. Trend line support is now at 140.50.

While risk/reward considerations allow for a long position at current levels, we will tactically opt to stand aside. Prices continue to show a strong correlation with the SP 500 (on rolling 20-day studies). The benchmark equity index has corrected higher over the past two days but the bounce appears corrective, warning that renewed weakness may pull EUR/JPY lower amid broader risk aversion.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-jpy_body_Picture_12.png, EUR/JPY Technical Analysis  Opting Against Long Position

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *