EUR/JPY Technical Analysis: Key Support Just Above 146.00
Date
12/14/2014 10:01:27 PM
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Talking Points:
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EUR/JPY Technical Strategy: Flat
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Support: 146.08 143.79 141.95
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Resistance:148.40 149.78 151.21
The Euro is reversed lower against the Japanese Yen as expected after prices put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 146.08 exposes the 38.2% level at 143.79. Alternatively a reversal above trend line support-turned-resistance at 148.40 opens the door for a test of the December 5 high at 149.78.
An actionable trade setup is absent for the time being. We will stand aside waiting for the pair to produce a better-defined long or short trade opportunity.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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