EUR/JPY Technical Analysis – Quiet Consolidation Continues
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- EUR/JPY Technical Strategy: Flat
- Support: 141.08 (rising trend line)
- Resistance: 142.18 (falling trend line), 143.46 (50% Fib exp.)
The Euro remains locked in tight congestion against the Japanese Yen, with prices flat-lining near the 38.2% Fibonacci expansion at 141.75.Initial resistance is found at afalling trend line set from late December (now at 142.18), with a daily close above that targeting the 50% level at 143.46.Near-term support comes in 141.08, marked by a rising trend line in play since mid-February.
Prices are wedged too close between relevant up- and down-side technical barriersto make a trade on either the long or the short side look attractive from a risk/reward perspective. With that in mind, we will continue to stand on the sidelines until greater directional clarity emerges.
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.