EUR/JPY Technical Analysis: Support Sub-127.00 Holding

DailyFX.com -

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

Talking Points:

• EUR/JPY Technical Strategy: Flat

• Support: 126.85, 125.69, 124.27

• Resistance:128.00, 129.78, 131.05

The Euro turned downward against the Japanese Yen as expected following the appearance of a Shooting Star candlestick. Near-term support is at 126.85, the 50% Fibonacci expansion, with a break below that exposing the 61.8% level at 125.69. Alternatively, turn above the 38.2% Fib at 128.00 opens the door for a challenge of trend line support-turned-resistance at 129.78.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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

EUR/JPY Technical Analysis: Support Sub-127.00 Holding

Daily Chart - Created Using FXCM Marketscope

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

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.