EUR/JPY Technical Analysis: Eyeing Resistance Above 131.00
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- 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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com