Talking Points: EUR/JPY Technical Strategy: Flat Support: 136.23 (76.4% Fib exp.), 134.69 (100% Fib exp.) Resistance: 137.19 (61.8% Fib exp.), 137.97 (50% Fib exp.) Waiting for confirmation before attempting to trade a would-be bullish Flag chart formation identified yesterday proved prudent: prices overturned the setup, pushing aggressively lower to take the Euro to its weakest in over two months against the Yen. Prices are now testing support at 136.23, the 76.4% Fibonacci expansion, with a break below that exposing the 100% level at 134.69. Alternatively, reversing above resistance at 137.19 - the 61.8% Fib - targets the 50% expansion at 137.97. An actionable trade setup is absent for the time being and we will remain on the sidelines.
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Reid: Bundy Backers Are 'Domestic Terrorists'
- Ex-BP Employee Settles Insider Trading Charges
- Venture Investments in U.S. Highest Since 2001
- Colo. Cleantech Program Calls for Entrepreneurs
- Hiring Fair for Veterans, Job Seekers
- Unemployment Rates Down, Job Gains Up in March
- Recordings Reveal a Not-So-Nice Martinez: Editorial
- VW Beetle Marks 65th Year in U.S.
- The Biebs Crashes Drake's Release Party