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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 138.08, 137.17, 136.26
- Resistance:139.22, 141.04, 142.27
The Euro extended its recovery for a third consecutive day against the Japanese Yen, with prices now poised to extend above the 139.00 figure. Near-term resistance is at 139.22, the 76.4% Fibonacci retracement, with a break above that on a daily closing basis exposing the June 4 high at 141.04. Alternatively, a turn below the 61.8% Fib at 138.08 opens the door for a challenge of the 50% retracement at 137.17.
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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