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Talking Points:
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EUR/JPY Technical Strategy: Flat
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Support: 135.13, 131.68, 129.54
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Resistance:137.93, 140.73, 144.19
The Euro is digesting gains against the Japanese Yen having found an interim top just below the 136.00 figure. A daily close below the 14.6% Fibonacci retracement at 134.54 exposes the 23.6% level at 133.65. Alternatively, push above the May 7 high at 135.98 clears the way for a test of the 38.2% Fib expansion at 136.61.
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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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