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EUR/JPY Technical Analysis: Support Found Above 137.00

EUR/JPY Technical Analysis: Support Found Above 137.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

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EUR/JPY Technical Analysis: Support Found Above 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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