EUR/JPY Technical Analysis: Eyeing Support Above 135.00
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- EUR/JPY Technical Strategy: Flat
- Support: 135.94, 133.10, 131.07
- Resistance:137.97, 139.47, 141.23
The Euro came under renewed selling pressure after filling in its weekly open gap against the Japanese Yen. A daily close below the 14.6% Fibonacci expansion at 135.94 exposes the 133.10-75 area (support shelf, June 29 low). Alternatively, a turn above the 137.28-97 zone (23.6% level, support-turned-resistance) clears the way for a test of the 38.2% Fib at 139.47.
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