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EUR/JPY Technical Analysis: Quiet Consolidation Continues

EUR/JPY Technical Analysis: Quiet Consolidation Continues

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. Near-term support is at 135.48, 14.6% Fibonacci expansion, with a break below that the July 17 low at 134.31. Alternatively, a push above the 23.6% level at 136.83 opens the door for a challenge of the June 12 bottom at 137.97.

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.

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