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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 134.68, 132.80, 131.52
- Resistance:135.65, 137.24, 138.52
The Euro is attempting to launch a recovery against the Japanese Yen having found support above the 133.00 figure. Near-term resistance is at 135.65, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 136.95-137.24 area (May 18 high, 38.2% level). Alternatively, a turn back below the 14.6% Fib at 134.68 opens the door for a challenge of the 132.80-133.10 zone (38.2% Fib retracement, May 5 low).
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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