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 advanced for a fourth consecutive day against the Japanese Yen but failed to clear resistance below the 129.00 figure. Near-term resistance is at 128.58, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 130.13. Alternatively, turn below the 14.6% Fib at 127.63 opens the door for a challenge of the April 14 low at 126.08.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com