Yahoo Finance 
EUR/JPY Technical Analysis: Euro Gains Most in 3 Weeks
DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
EUR/JPY Technical Strategy: Flat
Support: 134.68, 132.80, 131.52
Resistance:135.65, 137.24, 138.52
The Euro is attempting to launch a recovery against the Japanese Yen having found support above the 133.00 figure. Near-term resistance is at 135.65, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 136.95-137.24 area (May 18 high, 38.2% level). Alternatively, a turn back below the 14.6% Fib at 134.68 opens the door for a challenge of the 132.80-133.10 zone (38.2% Fib retracement, May 5 low).
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.
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.
