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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 139.11, 138.46, 137.81
- Resistance: 140.06, 140.56, 141.36
The Euro found support above the 139.00 figure against the Japanese Yen after a failure to sustain a rally above 141.00 led prices downward. A daily close below the 38.2% Fibonacci retracement at 139.11 exposes the 50% level at 138.46. Alternatively, a reversal above the 14.6% Fib expansion at 140.06 clears the way for a test of the 23.6% threshold at 140.56.
The available trading range between near-term support and resistance is too narrow to justify entering a long or short position at current levels from a risk/reward perspective. With that in mind, we will remain on the sidelines until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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