EUR/JPY Technical Analysis: A Top in Place Below 136.00?
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- EUR/JPY Technical Strategy: Flat
- Support: 133.65, 132.20, 131.03
- Resistance:134.54, 135.98, 136.61
The Euro may be preparing to turn lower against the Japanese Yen after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 133.65, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 132.20. Alternatively, turn above the 14.6% Fib at 134.54 opens the door for a challenge of the May 7 high at 135.98.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.