The Euro renewed its push upward against the Japanese Yen after brief respite, with further gains hinted ahead. A break above resistance at 139.68, the 38.2% Fibonacci retracement, has exposed the 50% level at 140.21. Pushing higher beyond that clears the way for a test of the 61.8% Fib at 140.75. Alternatively, a turn back below 139.68 (now recast as support) eyes the 23.6% retracement at 139.03.
The available trading range is too narrow to justify a trade on the long or the short side from a risk/reward perspective. With that in mind, we will remain on the sidelines and wait for a more attractive opportunity to present itself.