EUR/JPY Technical Analysis: Waiting for Direction Cues
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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 too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
--- 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.