Forex: EUR/JPY Technical Analysis – Support Met Above 141.00

| 7 april, 2014 | 0 kommentarer

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 141.23 (channel top), 140.89 (38.2% Fib ret.)
  • Resistance: 142.00 (23.6% Fib ret.), 143.01 (trend line)

The Euro declined as expected against the Japanese Yen after the pair produced a Shooting Star candlestick pattern below a falling trend line set from late December. Sellers are testing minor channel top resistance-turned-support at 141.23, with a break below that eyeing the 38.2% Fibonacci retracement at 140.89. Near-term resistance is at 142.00, the 23.6% level. A reversal back above that aims for the trend line (now at 143.01) anew.

Risk/reward considerations argue against entering short with prices trading in close proximity to relevant support. On the other hand, taking up the long side looks premature absent a defined bullish reversal signal. With that in mind, we will remain flat for now.

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

dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis  Support Met Above 141.00

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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 *