EUR/JPY Technical Analysis: Euro Attempting to Bounce

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Talking Points:

• EUR/JPY Technical Strategy: Flat

• Support: 144.95, 143.80, 141.95

• Resistance:147.23, 148.64, 149.78

The Euro is attempting to engineer a recovery after hitting the lowest in a month against the Japanese Yen. A daily close above the 14.6% Fibonacci expansionat 147.23 exposes the 23.6% level at 148.64. Alternatively, a reversal below December 16 low at 144.95 opens the door for a test of the 38.2% Fib retracement at 143.80.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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EUR/JPY Technical Analysis: Euro Attempting to Bounce

Daily Chart - Created Using FXCM Marketscope

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

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