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EUR/JPY Technical Analysis: Digesting Above 133.00 Figure

EUR/JPY Technical Analysis: Digesting Above 133.00 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 133.10, 131.99, 129.20
  • Resistance:135.45, 137.97, 141.04

The Euro continues to consolidate above the 133.00 figure against the Japanese Yen, with the series of lower highs and lows since mid-June arguing for a downside bias. Near-term support is at 133.10, the May 5 low, with a break below that exposing the 38.2% Fibonacci expansion at 131.99. Alternatively, a turn above the 23.6% level at 135.45 opens the door for a challenge of the 137.59-97 area (14.6% Fib, 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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EUR/JPY Technical Analysis: Digesting Above 133.00 Figure

--- 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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