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EUR/JPY Technical Analysis: Sideways Trade Continues

EUR/JPY Technical Analysis: Sideways Trade Continues

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 is treading water against the Japanese Yen having advanced to a five-month high above the 141.00 figure. A daily close below the 14.6% Fibonacci retracementat 138.86 exposes the 136.95-137.51 area (May 18 high, 23.6% level). Alternatively, a reversal above the 14.6% Fib expansion at 141.20 clears the way for a test 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.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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