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EUR/JPY Technical Analysis: Treading Water Below 137.00

EUR/JPY Technical Analysis: Treading Water Below 137.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 135.48, 134.31, 133.10
  • Resistance:136.83, 137.97, 139.01

The Euro is treading water after finding interim support above the 133.00 figure against the Japanese Yen. A daily close above the 23.6% Fibonacci expansion at 136.83 exposes support-turned-resistance at 137.97, the June 12 low. Alternatively, a move below the 14.6% level at 135.48 clears the way for a test of the July 17 bottom at 134.31.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Treading Water Below 137.00

--- 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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