The Euro finally broke out of long-standing congestion against the Japanese Yen, sinking to the lowest level in three weeks. Near-term support lines up at 140.17, the 38.2% Fibonacci expansion. A break below this barrier on a daily closing basis initially exposes the 50% level at 139.05. Rising trend line support-turned-resistance is now at 141.25. This is followed by a falling trend line barrier at 142.06.
Prices are too close to relevant support to justify a short position at current levels from a risk/reward perspective. We will opt to remain on the sidelines for the time being until a more actionable entry opportunity presents itself.