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EUR/JPY Technical Analysis: Euro Trims Weekly Open Gap

07/06/2015 | 06:10pm US/Eastern
DailyFX.com -

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Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 133.10, 131.07, 129.51
  • Resistance:135.94, 137.97, 139.47

The Euro recovered to nearly close the weekly opening following the outcome of the Greek EU debt deal referendum. A daily close below the 133.10-75 area (support shelf, June 29 low) exposes resistance-turned-support at 131.07. Alternatively, a move above the 14.6% Fibonacci expansion at 135.94 clears the way for a test of the 137.28-97 zone (23.6% level, support-turned-resistance).

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Euro Trims Weekly Open Gap

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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© FXCM 2015
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