27 Mar 2014
EUR/JPY approaches 140.40, key support
FXStreet (Córdoba) - The EUR/JPY finished lower on Wednesday, around 140.70 posting the lowest daily close March 5. Price moved with a bearish bias during all day and accelerated to the downside on American hours as the Yen strengthened across the board.
The Euro failed to hold above 141.00 and extended losses, bottoming at 140.49. From there bounced slightly toward 140.70.
Technical outlook for the EUR/JPY
The EUR/JPY is trading near last week lows that lie around 140.40. The mentioned area capped the downside several times in the last two weeks. A break lower could add downside pressure to the Euro.
If it manages to hold above the key support, the short term perspective would remain sideways as the price continues to move below 142.00 and above 140.40 since March 13.
The Euro failed to hold above 141.00 and extended losses, bottoming at 140.49. From there bounced slightly toward 140.70.
Technical outlook for the EUR/JPY
The EUR/JPY is trading near last week lows that lie around 140.40. The mentioned area capped the downside several times in the last two weeks. A break lower could add downside pressure to the Euro.
If it manages to hold above the key support, the short term perspective would remain sideways as the price continues to move below 142.00 and above 140.40 since March 13.