Thursday, 19 September 2019 08:21 GMT

EUR-JPY Technical Analysis Testing Make-or-Break Resistance

(MENAFN - DailyFX) - r>

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

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.38 135.70 134.85
  • Resistance:138.02 138.79 139.74

The Euro advanced for a third consecutive day against the Japanese Yen to challenge a pivotal chart resistance point. A daily close above the intersection of the August 1 high and a falling channel top at 138.02 exposes the 38.2% Fibonacci retracement at 138.79. Alternatively a reversal below horizontal pivot support at 136.38 opens the door for a challenge of the September 8 low at 135.70.

Risk/reward considerations argue against entering long with prices sitting at 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.

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

EUR/JPY Technical Analysis: Testing Make-or-Break Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

-- Written by Ilya Spivak Currency Strategist for

original source

EUR-JPY Technical Analysis Testing Make-or-Break Resistance

  Most popular stories  

Day | Week | Month