EUR/JPY Technical Analysis: Stalling After Range Break
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- EUR/JPY Technical Strategy: Flat
- Support: 137.51, 135.33, 133.56
- Resistance:138.86, 141.04, 142.51
The Euro paused to digest losses against the Japanese Yen after narrowly slipping through range floor support. A daily close below the 23.6% Fibonacci retracementat 137.51 exposes the 38.2% level at 135.33. Alternatively, a reversal above the 14.6% Fib at 138.86 clears the way for a test of the June 4 high at 141.04.
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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--- 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.