(MENAFN- DailyFX) DailyFX.com - r>
To receive Ilya's analysis directly via email please SIGN UP HERE
Talking Points:
-
EUR/JPY Technical Strategy: Flat
-
Support: 135.80 135.16 134.58
-
Resistance: 136.84 137.67 138.51
The Euro moved higher against the Japanese Yen as expected after putting in a bullish Piercing Line candlestick pattern. Near-term resistance is in the 136.51-84 area marked by a falling channel top and the 38.2% Fibonacci retracement with a break above that on a daily closing basis exposing the 50% level at 137.67. Alternatively a turn below the 23.6% Fib at 135.80 clears the way for a test of the 14.6% Fib at 135.16.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now waiting for a more actionable opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.