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EUR/JPY Technical Analysis: Consolidating Near 5-Month High

EUR/JPY Technical Analysis: Consolidating Near 5-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 138.86, 136.95, 135.33
  • Resistance:141.20, 142.55, 144.73

The Euro continues to digest gains against the Japanese Yen having tagged a five-month high above the 141.00 figure. Near-term support is at 138.86, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 136.95-137.51 area (May 18 high, 23.6% level). Alternatively, a push above the 14.6% Fib expansion at 141.20 opens the door for a challenge of the 23.6% threshold at 142.55.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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EUR/JPY Technical Analysis: Consolidating Near 5-Month High

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.

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