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EUR/JPY Technical Analysis: Euro Testing Sub-134.00 Anew

EUR/JPY Technical Analysis: Euro Testing Sub-134.00 Anew

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 133.10, 131.07, 129.51
  • Resistance:135.94, 137.97, 139.47

The Euro gapped below the 134.00 figure against the Japanese Yen in the aftermath of the weekend’s Greek EU debt deal referendum. Near-term support is in the 133.10-75 area (support shelf, June 29 low), with a break below that exposing resistance-turned-support at 131.07. Alternatively, a turn above the 14.6% Fibonacci expansion at 135.94 opens the door for a challenge of the 137.28-97 zone (23.6% level, support-turned-resistance).

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.

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