EUR/JPY Technical Analysis: Buyers Overcome 148.00 Figure
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- EUR/JPY Technical Strategy: Flat
- Support: 147.12, 145.93, 144.46
- Resistance: 148.31, 149.78, 152.16
The Euro continues to race higher against the Japanese Yen, with buyers claiming a foothold above the 148.00 figure. A daily close above the 61.8% Fibonacci expansion at 148.31 exposes the 76.4% level at 149.78. Alternatively, a reversal below the 50% Fib at 147.12 opens the door for a challenge of the 38.2% expansion at 145.93.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com