Advertisement
New Zealand markets closed
  • NZX 50

    11,801.12
    +73.11 (+0.62%)
     
  • NZD/USD

    0.6073
    -0.0013 (-0.21%)
     
  • NZD/EUR

    0.5581
    -0.0011 (-0.20%)
     
  • ALL ORDS

    7,957.10
    +31.90 (+0.40%)
     
  • ASX 200

    7,704.50
    +28.70 (+0.37%)
     
  • OIL

    82.52
    -0.20 (-0.24%)
     
  • GOLD

    2,163.80
    -0.50 (-0.02%)
     
  • NASDAQ

    17,985.01
    +176.76 (+0.99%)
     
  • FTSE

    7,722.55
    -4.87 (-0.06%)
     
  • Dow Jones

    38,790.43
    +75.66 (+0.20%)
     
  • DAX

    17,932.68
    -3.97 (-0.02%)
     
  • Hang Seng

    16,554.60
    -182.52 (-1.09%)
     
  • NIKKEI 225

    39,865.81
    +125.37 (+0.32%)
     
  • NZD/JPY

    90.8760
    +0.1810 (+0.20%)
     

EUR/JPY Technical Analysis: Three-Month Trend Threatened

DailyFX.com -

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

Talking Points:

  • EUR/JPY Technical Strategy: Short at 135.25

  • Support: 128.00, 126.85, 125.69

  • Resistance:130.63, 131.79, 132.94

The Euro continues to threaten to overturn its three-month down trend against the Japanese Yen. Near-term resistance is at 130.63 (38.2% Fibonacci retracement, January 26 low, trend line), with a break above that on a daily closing basis exposing the 50% level at 131.79. Alternatively, move below the 38.2% Fib expansion at 128.00 clears the way of a challenge of the 50% threshold at 126.85.

We entered short EURJPY at 135.25 and subsequently booked profits on half of the position. The rest of the trade remains open to capture any further downside, though we may exit on a close above the trend line. The stop-loss has been adjusted to the breakeven level (135.25).

ADVERTISEMENT

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

EUR/JPY Technical Analysis: Three-Month Trend Threatened
EUR/JPY Technical Analysis: Three-Month Trend Threatened

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.