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EUR/JPY Technical Analysis: Digesting Gains Below 136.00

EUR/JPY Technical Analysis: Digesting Gains Below 136.00

Ilya Spivak,

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 135.13, 131.68, 129.54
  • Resistance:137.93, 140.73, 144.19

The Euro is digesting gains against the Japanese Yen having found an interim top just below the 136.00 figure. A daily close below the 14.6% Fibonacci retracement at 134.54 exposes the 23.6% level at 133.65. Alternatively, push above the May 7 high at 135.98 clears the way for a test of the 38.2% Fib expansion at 136.61.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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.