EUR/JPY Technical Analysis: Euro Trims Weekly Open Gap
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- EUR/JPY Technical Strategy: Flat
- Support: 133.10, 131.07, 129.51
- Resistance:135.94, 137.97, 139.47
The Euro recovered to nearly close the weekly opening following the outcome of the Greek EU debt deal referendum. A daily close below the 133.10-75 area (support shelf, June 29 low) exposes resistance-turned-support at 131.07. Alternatively, a move above the 14.6% Fibonacci expansion at 135.94 clears the way for a test of the 137.28-97 zone (23.6% level, support-turned-resistance).
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present 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.