22 Jan 2014
EUR/JPY manages to hold above 141.00
FXstreet.com (Córdoba) - The EUR/JPY retreated sharply after finding resistance at 141.85 and fell to 141.03 (January 21 low), where it bounce to reclaim some gains, to finished on Tuesday at 141.50, up 25 pips from Monday's closing price.
It was the second daily gain in a row for the Euro against the Yen, as it continues to recover after falling at the beginning of the week to 140.30, 6-week low.
Technical outlook for the EUR/JPY
To the upside immediate resistance lies at 141.55 (American session high) and above at the 141.85 zone, that capped the upside several times during Tuesday. To the downside, Valeria Bednarik, Chief Analyst at FXStreet points out that a break below 140.90, should anticipate a downward continuation towards the 140.10 price zone.
According to Bednarik, technically speaking, the 4-hour charts shows a bearish tone, “with indicators heading south in negative territory, retracing from their midlines”.
It was the second daily gain in a row for the Euro against the Yen, as it continues to recover after falling at the beginning of the week to 140.30, 6-week low.
Technical outlook for the EUR/JPY
To the upside immediate resistance lies at 141.55 (American session high) and above at the 141.85 zone, that capped the upside several times during Tuesday. To the downside, Valeria Bednarik, Chief Analyst at FXStreet points out that a break below 140.90, should anticipate a downward continuation towards the 140.10 price zone.
According to Bednarik, technically speaking, the 4-hour charts shows a bearish tone, “with indicators heading south in negative territory, retracing from their midlines”.