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Talking Points:

• EUR/JPY Technical Strategy: Flat

• Support: 146.08, 143.79, 141.95

• 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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