Technical Analysis EUR/JPY Support Above 137.00.
|Update 15 June 2015|
* EUR/JPY Technical Strategy: Flat
* Support: 137.51, 135.33, 133.56
* Resistance:138.86, 141.04, 142.51
Written by Ilya Spivak, Currency Strategist for DailyFX.com
Technical Analysis EUR/JPY Support Above 137.00 the Euro continues to mark time in a narrow range above the 137.00 figure against the Japanese Yen. Near-term support is at 137.51, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 135.33. Alternatively, a turn back above the 14.6% Fib at 138.86 opens the door for a challenge of the June 4 high at 141.04.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.