EUR/JPY Technical Analysis: Rally Stalling Near 138.00 Mark
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- EUR/JPY Technical Strategy: Flat
- Support: 137.39, 136.97, 136.63
- Resistance: 138.07, 138.75, 139.17
The Euro’s advance against the Japanese Yen is stalling as prices look for direction near the 138.00 figure. A daily close above the 100% Fibonacci expansion at 138.07 exposes the 123.6% level at 138.75. Alternatively, a reversal back below the 76.4% Fib at 137.39 opens the door for a challenge of the 61.8% retracement at 136.97.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.