EUR/JPY Technical Analysis: Euro Rises to 3-Week High
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- EUR/JPY Technical Strategy: Flat
- Support: 136.83, 135.80, 135.16
- Resistance: 137.67, 138.51, 139.54
The Euro is attempting to extend upward against the Japanese Yen having launched a recovery, as expected. A daily close above the 50% Fibonacci retracementat 137.67 exposes the 61.8% level at 138.51. Alternatively, a reversal back below the 38.2% Fib at 136.83 opens the door for a challenge of the 23.6% retracement at 135.80.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now 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