EUR/JPY Technical Analysis: Aiming Above 135.00 Figure
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- 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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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.