To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 139.80, 138.52, 137.24
- Resistance:141.39, 143.95, 146.52
The Euro continues to push higher against the Japanese Yen, producing the longest winning streak in close to two years. A daily close above the 76.4% Fibonacci expansion at 141.39 exposes the 100% level at 143.95. Alternatively, a reversal below the 61.8% Fib at 139.80 clears the way for a test of the 50% expansion at 138.52.
A long trade seems tempting from a purely technical perspective but we will tactically stand aside until Greece-inspired volatility risk passes. Another breakdown of negotiations between Athens and its creditors or a failure repay an IMF loan by Friday may derail bullish technical positioning. With that in mind, we will wait on the sidelines 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.com
