EUR/JPY Technical Analysis: Sideways Trade Continues
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- 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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--- 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.