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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 140.54, 139.97, 139.40
- Resistance:141.24, 142.38, 143.52
The Euro snapped five consecutive days of losses against the Japanese Yen, pausing to consolidate above the 140.00 figure. A daily close below the 138.2% Fibonacci expansionat 140.54 exposes the 150% level at 139.97. Alternatively, a reversal above the 123.6% Fib at 141.24 opens the door for a test of the 100% expansion at 142.38.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
