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Talking Points:

• EUR/JPY Technical Strategy: Flat

• Support: 137.51, 135.33, 133.56

• Resistance:140.15, 141.50, 142.69

The Euro continues to mark time above the 137.00 figure against the Japanese Yen as prices await clear-cut direction cues. A daily close below the 23.6% Fibonacci retracement at 137.51 exposes the 38.2% level at 135.33. Alternatively, a push above the 14.6% Fib at 140.15 clears the way for a test of the 23.6% expansion at 141.50.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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

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