EUR/JPY Technical Analysis: Consolidating Near 2-Week Low
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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 is in consolidation mode having slipped below the 139.00 figure to hit a two-week low against the Japanese Yen once again. Near-term support is at 138.46, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 137.81. Alternatively, a turn back above the 38.2% Fib at 139.11 opens the door for a challenge of the 23.6% retracement at 139.91.
The available trading range between near-term support and resistance is too narrow to justify entering a long or short position at current levels from a risk/reward perspective. With that in mind, we will remain on the sidelines until a more attractive opportunity presents itself.
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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.