13 Jan 2014
EUR/JPY still holding above 142.00
FXstreet.com (Córdoba) - Despite recovering from 2—week lows and reaching 3-day highs the EUR/JPY finished practically unchanged last week, after falling on Friday, following the US employment report that strengthened the Yen across the board.
At the beginning of the week the pair is trading with a bearish tone, trading just a few pips above Friday's lows around 142.10.
Technical outlook for the EUR/JPY
Currently the EUR/JPY is testing the support located around the 142.00 mark that is capping the downside since last Tuesday. A break below could increased the selling. To the upside in the short-term, immediate resistance lies at 142.40 and above at 143.05 (January 9, 10 highs).
Jim Langlands, from FX Charts, asks if the EUR/JPY has put a topping formation and if currently is looking for a run back toward 141.00. Langlands points out that if the price falls below 141.00 it would suggest a deeper correction toward 138.00 initially an possibly lower, to 136.00. “It is too early to yet consider this but the dailies are pointing in this direction and the upside momentum on the weeklies looks as though it is running rapidly out of steam”.
At the beginning of the week the pair is trading with a bearish tone, trading just a few pips above Friday's lows around 142.10.
Technical outlook for the EUR/JPY
Currently the EUR/JPY is testing the support located around the 142.00 mark that is capping the downside since last Tuesday. A break below could increased the selling. To the upside in the short-term, immediate resistance lies at 142.40 and above at 143.05 (January 9, 10 highs).
Jim Langlands, from FX Charts, asks if the EUR/JPY has put a topping formation and if currently is looking for a run back toward 141.00. Langlands points out that if the price falls below 141.00 it would suggest a deeper correction toward 138.00 initially an possibly lower, to 136.00. “It is too early to yet consider this but the dailies are pointing in this direction and the upside momentum on the weeklies looks as though it is running rapidly out of steam”.