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EUR/JPY Technical Analysis: Clearing a Path Above 138.00?

EUR/JPY Technical Analysis: Clearing a Path Above 138.00?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.67, 136.83, 135.80
  • Resistance: 138.51, 139.54, 141.21

The Euro is poised to extend its advance against the Japanese Yen having reversed upward as expected, with buyers now aiming above the 138.00 figure. A daily close above the 61.8% Fibonacci retracementat 138.51 exposes the 76.4% level at 139.54. Alternatively, a reversal back below the 50% Fib at 137.67 opens the door for a challenge of the 38.2% retracement at 136.83.

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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EUR/JPY Technical Analysis: Clearing a Path Above 138.00?

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.

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