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Talking Points:
- EUR/JPY Technical Strategy: Flat
- Support: 133.10, 131.07, 129.51
- Resistance:135.94, 137.97, 139.47
The Euro is in digestion mode above the 133.00 figure against the Japanese Yen, with prices testing lows seen in the aftermath of the weekend’s Greek EU debt deal referendum. Near-term support is in the 133.10-75 area (support shelf, June 29 low), with a break below that exposing resistance-turned-support at 131.07. Alternatively, a turn above the 14.6% Fibonacci expansion at 135.94 opens the door for a challenge of the 137.28-97 zone (23.6% level, support-turned-resistance).
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com