EUR/JPY Technical Analysis: Support Found Above 137.00
To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/JPY Technical Strategy: Flat
- Support: 137.05, 136.06, 134.93
- Resistance:137.86, 138.36, 139.17
The Euro is attempting to recover against the Japanese Yen having found support above the 137.00 figure. A daily close above the 14.6% Fibonacci expansionat 137.86 exposes the 23.6% level at 138.36. Alternatively, a push below the August 18 low at 137.05 opens the door for a challenge of trend line support at 136.06.
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.