Forex: EUR/JPY Technical Analysis – Support Found at 140.00 Mark
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- EUR/JPY Technical Strategy: Flat
- Support: 139.95 (Mar 28 low)
- Resistance: 141.73 (23.6% Fib exp.), 142.84 (38.2% Fib exp.)
The Euro recoiled higher to challenge the top of a now-familiar consolidation range having tested the 140.00 figure against the Japanese Yen. Near-term resistance is at 141.73, the 23.6% Fibonacci expansion, with a break above this barrier on a daily closing basis exposing the 38.2% level at 142.84. Near-term support is at 139.95, the March 28 low.
Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, entering short looks premature absent a defined bearish reversal signal. With that in mind, we will continue to stand aside for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.