EUR/JPY Technical Analysis: Euro Rallies Most in 6 Months
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- EUR/JPY Technical Strategy: Flat
- Support: 140.20, 140.61, 140.20
- Resistance: 140.61, 141.12, 141.94
The Euro is on pace to produce the largest daily rally in over six months against Japanese Yen and claim a foothold above the 140.00 figure. A daily close above the 61.8% Fibonacci expansion at 140.61 exposes the 76.4% level at 141.12. Alternatively, a turn back below the 50% Fib at 140.20 opens the door for a challenge of the 38.2% expansion at 139.79.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.
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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.