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Talking Points:
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EUR/JPY Technical Strategy: Flat
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Support: 134.13 132.40 130.20
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Resistance:135.96 137.06 138.17
The Euro remains under pressure against the Japanese Yen with prices yielding the largest decline in close to two years. A daily close below the 134.46-60 area marked by the October 16 low and the 76.4% Fibonacci expansionexposes the 100% level at 132.40. Alternatively a reversal above the 61.8% Fib at 135.96 opens the door for a test of the 50% expansion at 137.06.
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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