EUR/JPY Technical Analysis: Cautious Recovery Continues
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- EUR/JPY Technical Strategy: Flat
- Support: 127.63, 126.08, 124.79
- Resistance:128.58, 130.13, 131.38
The Euro is cautiously recovering against the Japanese Yen having found support above the 126.00 figure. A daily close above the 23.6% Fibonacci retracement at 128.58 exposes the 38.2% level at 130.13. Alternatively, reversal below the 14.6% Fib at 127.63 clears the way for a test of the April 14 low at 126.08.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com