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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 137.17, 136.26, 135.12
- Resistance:138.08, 139.22, 141.04
The Euro is aiming to test resistance above the 138.00 figure against the Japanese Yen after producing the largest daily advance in a month. Near-term resistance is at 138.08, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 139.22. Alternatively, a turn below the 50% Fib at 137.17 opens the door for a challenge of the 38.2% retracement at 136.26.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com