23 Jan 2014
EUR/JPY with upside momentum, testing 141.80
FXstreet.com (Córdoba) - The EUR/JPY finished with small gains on Wednesday around 141.60 but continues to move inside a trading range, with an upper limit at 141.80/85 and support at 141.00 ahead of the release of the Eurozone PMI report.
Technical outlook for the EUR/JPY
In the short-term the EUR/JPY is moving with an upside bias, above an upside trendline that currently offers support around 141.40. But momentum is likely to fade as the price approaches 141.80 where immediate resistance lies.
If the Euro breaks higher it would be trading at the strongest level since last Friday. Above, the next resistance levels might lie at 142.20 (January 17 high) and 142.50. Under 141.40 momentum could turn negative; support below lies at 141.00/05 (January 21, 22 lows) and 140.50.
Technical outlook for the EUR/JPY
In the short-term the EUR/JPY is moving with an upside bias, above an upside trendline that currently offers support around 141.40. But momentum is likely to fade as the price approaches 141.80 where immediate resistance lies.
If the Euro breaks higher it would be trading at the strongest level since last Friday. Above, the next resistance levels might lie at 142.20 (January 17 high) and 142.50. Under 141.40 momentum could turn negative; support below lies at 141.00/05 (January 21, 22 lows) and 140.50.