The Euro has stalled after trying to initiate a move higher against the Japanese Yen having found support above the 138.00 figure. The first layer of resistance comes in at 139.16, the 23.6% Fibonacci retracement, with a daily close above that clearing the way for a test of the 38.2% level at 139.79. The first layer of support is at 138.13, the
Prices are too close to resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal warns against taking up the short side. With that in mind, we remain flat for now.