EUR/JPY Technical Analysis: Digesting Breach of 139.00
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- EUR/JPY Technical Strategy: Flat
- Support: 138.46, 137.81, 137.00
- Resistance: 139.11, 139.91, 140.41
The Euro paused to digest losses after sliding below the 139.00 figure against the Japanese Yen once again. A daily close below the 50% Fibonacci retracement at 138.46 exposes the 61.8% level at 137.81. Alternatively, a reversal above the 38.2% Fib at 139.11 clears the way for a test of the 23.6% retracement at 139.91.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long 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.