EUR/JPY Technical Analysis: Familiar Support Holds Up
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- EUR/JPY Technical Strategy: Flat
- Support: 135.60, 135.05, 134.37
- Resistance: 136.37, 136.88, 137.71
The Euro found interim support against the Japanese Yen below the 136.00 figure after touching the lowest level in 11 months. Near-term support is in the 135.60-72 area, marked by the August 8 low and the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 135.05. Alternatively, a turn above the 14.6% Fib retracement at 136.37 clears the way for a test of the 23.6% threshold at 136.88.
Prices are wedged too closely between near-term support and resistance levels to justify a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines, waiting for a more compelling opportunity to emerge.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com