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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 135.54, 134.83, 133.91
- Resistance:135.96, 136.66, 137.79
The Euro declined against the Japanese Yen as expected after prices put in a bearish Evening Star candlestick pattern. Near-term trend line support is at 135.54, with a break below that on a daily closing basis exposes the 38.2% Fibonacci expansion at 134.83. Alternatively, a turn above the 23.6% level at 135.96 opens the door for a challenge of the 14.6% Fib at 136.66.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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