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EUR/JPY Technical Analysis: Aiming Above 135.00 Figure

EUR/JPY Technical Analysis: Aiming Above 135.00 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 131.68, 129.54, 126.08
  • Resistance:135.13, 137.93, 140.73

The Euro continued to push higher against the Japanese Yen, extending recovery for a fourth consecutive session. Near-term resistance is at 135.13, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 137.93. Alternatively, turn below the 23.6% Fib at 131.68 opens the door for a challenge of the 14.6% Fib at 129.54.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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EUR/JPY Technical Analysis: Aiming Above 135.00 Figure

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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