EUR/JPY Technical Analysis: Euro Tries to Launch Rebound
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- EUR/JPY Technical Strategy: Flat
- Support: 134.83, 133.91, 133.00
- Resistance:136.26, 137.17, 138.08
The Euro is attempting to rebuild upside momentum against the Japanese Yen having found support after an expected downturn. A daily close above the 38.2% Fibonacci retracement at 136.26 exposes the 50% level at 137.17. Alternatively, a move below the 38.2% Fib expansion at 134.83 clears the way for a test of the 50% Fib at 133.91.
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.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com