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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 131.87, 130.09, 128.31
- Resistance:134.13, 135.43, 137.63
The Euro snapped a three-day losing streak against the Japanese Yen, producing the largest advance in over two months. A daily close above the 134.07-13 area marked by the 23.6% Fibonacci expansion and the October 16 low exposes the 14.6% level at 135.43. Alternatively, a reversal below the 38.2% Fib at 131.87 opens the door for a test of the 50% expansion at 130.09.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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
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