DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
-
EUR/JPY Technical Strategy: Flat
-
Support: 137.24, 135.65, 134.68
-
Resistance:138.52, 139.80, 141.39
The Euro accelerated upward against the Japanese Yen, rising to the strongest level in five months. Near-term resistance is at 138.52, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 139.80. Alternatively, a turn below the 38.2% Fib at 137.24 opens the door for a challenge of the 23.6% expansion at 135.65.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.
Learn forex trading with a free practice account and trading charts from FXCM.