11 Dec 2013
EUR/JPY accelerates losses, 141.00 next support
FXstreet.com (Bali) - EUR/JPY is approaching a technically-sensitive area around 141.00, which, as pointed earlier, will be the first mission to accomplish by sellers ahead of a potential test of 140.60/70, H1 cloud bottom.
With the Nikkei 225 declining 1% on what is settling to be a 15,000-15,800 day range, intraday traders may be getting excited to give a try towards reported stop loss orders in USD/JPY (building below 102.50) later on the day, assuming US equities and yields extend their heaviness.
Technically, since the price remains above 141.00, "the movement seems a due correction, after 4 weeks of steady gains", said Valeria Bednarik, Chief Analyst at FXstreet.com. The hourly chart, as noted by Bednarik, "shows momentum heading lower in negative territory, although moving averages maintain the upward tone, with 100 one around 140.40, probable intraday support on further slides."
With the Nikkei 225 declining 1% on what is settling to be a 15,000-15,800 day range, intraday traders may be getting excited to give a try towards reported stop loss orders in USD/JPY (building below 102.50) later on the day, assuming US equities and yields extend their heaviness.
Technically, since the price remains above 141.00, "the movement seems a due correction, after 4 weeks of steady gains", said Valeria Bednarik, Chief Analyst at FXstreet.com. The hourly chart, as noted by Bednarik, "shows momentum heading lower in negative territory, although moving averages maintain the upward tone, with 100 one around 140.40, probable intraday support on further slides."