EUR/JPY Technical Analysis: Eyeing Resistance Above 131.00
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.