16 Apr 2014
EUR/JPY rebounds at 140.20, rises back to 140.80
FXStreet (Córdoba) - The EUR/JPY finished around 140.75 for the second day in a row. After moving in a small trading range during the Asian session, the Euro weakened and fell, bottoming at 140.20, the lowest price since April 8. Then on American hours, reversed the direction and rose back above 140.50.
After Wall Street closed the EUR/JPY rose to 140.82. Currently the pair trades at 140.70, near the important 141.00 area that continues to offer resistance.
EUR/JPY outlook remains bearish
According to Valeria Bednarik, Chief Analyst at FXStreet, the technical picture for the EUR/JPY continues to be predominantly bearish, “as price held below its 100 SMA in the hourly chart, while 200 one decreased further and indicators held in negative territory”.
As long as the price remains below 141.10 the downside if favored notes Bednarik. “A break below 139.90 required to trigger a bearish run in the short term”.
After Wall Street closed the EUR/JPY rose to 140.82. Currently the pair trades at 140.70, near the important 141.00 area that continues to offer resistance.
EUR/JPY outlook remains bearish
According to Valeria Bednarik, Chief Analyst at FXStreet, the technical picture for the EUR/JPY continues to be predominantly bearish, “as price held below its 100 SMA in the hourly chart, while 200 one decreased further and indicators held in negative territory”.
As long as the price remains below 141.10 the downside if favored notes Bednarik. “A break below 139.90 required to trigger a bearish run in the short term”.