EUR/JPY Technical Analysis: Selloff Extends for Sixth Day

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Talking Points:

• EUR/JPY Technical Strategy: Flat
• Support: 132.80, 131.52, 130.23
• Resistance:133.69, 134.38, 135.36

The Euro declined against the Japanese Yen as expected, falling for a sixth consecutive day to make for the worst losing streak in nearly three years. Near-term support is at 132.80, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 131.52. Alternatively, push above support-turned-resistance at 133.69 opens the door for a challenge of the 23.6% Fib at 134.38.

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