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EUR/JPY Technical Analysis: Range Top Caps Advance

EUR/JPY Technical Analysis: Range Top Caps Advance

2015-06-18 07:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.51, 135.33, 133.56
  • Resistance:140.15, 141.50, 142.69

The Euro continues to mark time above the 137.00 figure against the Japanese Yen as prices await clear-cut direction cues. A daily close below the 23.6% Fibonacci retracement at 137.51 exposes the 38.2% level at 135.33. Alternatively, a push above the 14.6% Fib at 140.15 clears the way for a test of the 23.6% expansion at 141.50.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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EUR/JPY Technical Analysis: Range Top Caps Advance

--- 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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