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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 132.80, 131.52, 130.23
- Resistance:134.38, 135.36, 136.95
The Euro paused to consolidate after turning lower as expected, snapping a six-day losing streak against the Japanese Yen. A daily close below the 38.2% Fibonacci retracement at 132.80 exposes the 50% level at 131.52. Alternatively, move back above the 133.86-134.38 area (range support-turned-resistance, 23.6% Fib) clears the way for a test of the 14.6% retracement at 135.36.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
