EUR/JPY Technical Analysis: Resistance Now Above 139.00
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- EUR/JPY Technical Strategy: Flat
- Support: 138.08, 137.17, 136.26
- Resistance:139.22, 141.04, 142.24
The Euro continues to recover against the Japanese Yen, with prices rising to the highest level in nearly two months. A daily close above the 76.4% Fibonacci retracementat 139.22 exposes the June 4 high at 141.04. Alternatively, a reversal below the 61.8% Fib at 138.08 clears the way for a test of the 50% retracement at 137.17.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com