3 Feb 2014
EUR/JPY approaches 138.00
FXstreet.com (Córdoba) - After posting the fifth consecutive weekly decline in a row, the EUR/JPY started the week testing Friday’s lows at 137.50 but managed to hold and bounced to the upside, approaching 138.00.
Recently the pair reached a fresh daily high at 138.02 but pulled back afterwards and at the moment of writing trades at 137.92, up 0.09% for the day.
Levels to watch for the EUR/JPY
Jim Langlands, from FX Charts notes that the EUR/JPY is currently sitting right on the 100 DMA, “this may provide near term support, but a break would suggest a run towards 136.75 (61.8% of 131.21/145.68) and then towards 134.60 (76.4%), albeit that this may be some way off.”
“The short term charts are becoming oversold and rallies towards 138.75, and possibly even towards 139.50 are possible but I think would provide a selling opportunity for the next leg lower, with stops placed above 140.00”, says Langlands.
Recently the pair reached a fresh daily high at 138.02 but pulled back afterwards and at the moment of writing trades at 137.92, up 0.09% for the day.
Levels to watch for the EUR/JPY
Jim Langlands, from FX Charts notes that the EUR/JPY is currently sitting right on the 100 DMA, “this may provide near term support, but a break would suggest a run towards 136.75 (61.8% of 131.21/145.68) and then towards 134.60 (76.4%), albeit that this may be some way off.”
“The short term charts are becoming oversold and rallies towards 138.75, and possibly even towards 139.50 are possible but I think would provide a selling opportunity for the next leg lower, with stops placed above 140.00”, says Langlands.