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EUR/JPY Technical Analysis: Rebound Stalls Below 137.00

EUR/JPY Technical Analysis: Rebound Stalls Below 137.00

2015-08-07 03:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 134.83, 133.91, 133.00
  • Resistance:136.26, 137.17, 138.08

The Euro stalled below the 137.00 figure against the Japanese Yen after attempting to rebuild upside momentum. Near-term resistance is at 136.26, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 137.17. Alternatively, a turn below the 38.2% Fib expansion at 134.83 opens the door for a challenge of the 50% Fib at 133.91.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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EUR/JPY Technical Analysis: Rebound Stalls 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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