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EUR/JPY Technical Analysis: Longest Win Streak in 6 Months

EUR/JPY Technical Analysis: Longest Win Streak in 6 Months

Ilya Spivak,

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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 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.

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 provides forex news and technical analysis on the trends that influence the global currency markets.