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EUR/JPY Technical Analysis: Eyeing Resistance Above 131.00

EUR/JPY Technical Analysis: Eyeing Resistance Above 131.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 131.38, 130.13, 128.58
  • Resistance:132.63, 134.18, 136.68

The Euro issued its largest daily advance in three months against the Japanese Yen, reclaiming a foothold above the 13200 figure. A daily close above the 61.8% Fibonacci retracement at 132.63 exposes the 76.4% level at 134.18. Alternatively, reversal below the 50% Fib at 131.38 clears the way for a test of the 38.2% retracement at 130.13.

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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EUR/JPY Technical Analysis: Eyeing Resistance Above 131.00

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.

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