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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 133.10, 131.99, 129.20
- Resistance:135.45, 137.59, 141.04
The Euro is drifting lower against the Japanese Yen, with prices sliding to the weakest level in over a month. A daily close below the May 5 low at 133.10 exposes the 38.2% Fibonacci expansion at 131.99. Alternatively, a move above the 23.6% level at 135.45 clears the way for a test of the 14.6% Fib at 137.59.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
