To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 131.68, 129.54, 126.08
- Resistance:135.13, 137.93, 140.73
The Euro continued to push higher against the Japanese Yen, extending recovery for a fourth consecutive session. Near-term resistance is at 135.13, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 137.93. Alternatively, turn below the 23.6% Fib at 131.68 opens the door for a challenge of the 14.6% Fib at 129.54.
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
