EUR/JPY Technical Analysis – Euro Rises to 3-Week High
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- EUR/JPY Technical Strategy: Flat
- Support: 139.68 (38.2% Fib ret.), 139.03 (23.6% Fib ret.)
- Resistance: 140.21 (50% Fib ret.), 140.75 (61.8% Fib ret.)
The Euro renewed its push upward against the Japanese Yen after brief respite, with further gains hinted ahead. A break above resistance at 139.68, the 38.2% Fibonacci retracement, has exposed the 50% level at 140.21. Pushing higher beyond that clears the way for a test of the 61.8% Fib at 140.75. Alternatively, a turn back below 139.68 (now recast as support) eyes the 23.6% retracement at 139.03.
The available trading range is too narrow to justify a trade on the long or the short side from a risk/reward perspective. With that in mind, we will remain on the sidelines and wait for a more attractive opportunity to present itself.
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.