EUR/JPY Technical Analysis: Move To May High In The Cards?
Dailyfx | May 29, 2015 01:30AM ET
Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 135.65, 134.68, 132.80
- Resistance:137.24, 138.52, 139.80
The Japanese Yen after prices narrowly cleared chart resistance. A daily close above the 136.95-137.24 area (May 18 high, 38.2% Fibonacci expansion) exposes the 50% level at 138.52. Alternatively, a reversal below the 23.6% Fib at 135.65 clears the way for a test of the 14.6% expansion at 134.68.
Prices overcame resistance by a mere 5 pips. In the context of ATR at 124 pips, this seems exceptionally narrow, warning against betting on upside follow-through. With that in mind, we will opt not to enter long and wait for a more convincing setup to present itself.
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.