EUR/JPY Technical Analysis – Treading Water Below 139.00
To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/JPY Technical Strategy: Flat
- Support: 138.36, 137.91, 137.65
- Resistance: 138.79, 139.49, 140.06
The Euro remains locked in a consolidation range below the 139.00 figure against the Japanese Yen. Near-term resistance is at 138.79, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 139.49. Alternatively, a reversal below support at 138.36, the 14.6% Fib, clears the way for a test of the June 26 low at 137.91. This is followed by the June 12 bottom at 137.65.
An actionable trading signal is absent for the time being while prices are locked in congestion. We will remain on the sidelines for now, waiting for the pair to produce a defined breakout to search for actionable trading opportunities.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.