EUR/JPY Technical Analysis: Euro Advances for Fifth Day
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- EUR/JPY Technical Strategy: Flat
- Support: 142.88, 141.21, 139.54
- Resistance: 143.92, 144.75, 145.59
The Euro rose for a fifth consecutive day against the Japanese Yen as the rally following last week’s unexpected BOJ stimulus expansion continues. A daily close above the 138.2% Fibonacci expansionat 143.92 exposes the 150% level at 144.75. Alternatively, a turn below the 123.6% Fib at 142.88 opens the door for a challenge of resistance-turned-support at 141.21, the September 19 high.
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