31 Jan 2014
EUR/JPY extends weekly losses, finds support around 139.00
FXstreet.com (Córdoba) - The EUR/JPY lost ground on Thursday and posted the lowest daily close since December 5, below 139.50. A weak Euro across the board pushed the pair to the downside.
Yesterday the price approached 140.00 but lost momentum and turned to the downside, bottoming at 138.88. The pair was able to rise back above 139.00 and finished around 139.20.
Early in Asia, is moving to the upside modestly, following the release of inflation data in Japan. At the moment of writing trades at 139.35, having reached a daily high at 139.43.
Outlook for the EUR/JPY
The EUR/JPY continues to move with a downside bias in the short-term, headed toward the fifth consecutive weekly decline. According to Valeria Bednarik, Chief Analyst at FXStreet notes that the pair maintains bearish pressure intact. “Sellers wait in the 139.70/140.00 area now and unless a clear recovery beyond 140.40, the pair will likely extend its slide towards 138.00 price zone”, says Bednarik.
Yesterday the price approached 140.00 but lost momentum and turned to the downside, bottoming at 138.88. The pair was able to rise back above 139.00 and finished around 139.20.
Early in Asia, is moving to the upside modestly, following the release of inflation data in Japan. At the moment of writing trades at 139.35, having reached a daily high at 139.43.
Outlook for the EUR/JPY
The EUR/JPY continues to move with a downside bias in the short-term, headed toward the fifth consecutive weekly decline. According to Valeria Bednarik, Chief Analyst at FXStreet notes that the pair maintains bearish pressure intact. “Sellers wait in the 139.70/140.00 area now and unless a clear recovery beyond 140.40, the pair will likely extend its slide towards 138.00 price zone”, says Bednarik.