EUR/JPY Technical Analysis: Longest Win Streak in 6 Months
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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 continues to advance against the Japanese Yen, producing the longest winning streak in six months. A daily close above the 38.2% Fibonacci retracementat 135.13 exposes the 50% level at 137.93. Alternatively, reversal below the 23.6% Fib at 131.68 clears the way for a test of the 14.6% Fib at 129.54.
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