EUR/JPY Technical Analysis: Digesting Drop Above 140.00
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- EUR/JPY Technical Strategy: Flat
- Support: 140.54, 139.97, 139.40
- Resistance:141.24, 142.38, 143.52
The Euro has transition into consolidation mode above the 140.00 figure after sinking to a two-month low against the Japanese Yen. Near-term support is at 140.54, the 138.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 150% level at 139.97. Alternatively, a turn above the 123.6% Fib at 141.24 clears the way for a challenge of the 100% expansion at 142.38.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- 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.