5 Feb 2014
EUR/JPY consolidating above 137.00
FXStreet (Córdoba) - The EUR/JPY finished Wednesday flat around 137.30, after erasing losses during the American session. The Euro bottomed after on European hours at 136.52 but bounced to the upside, as the Yen trimmed gains across the board, rising back above 137.00.
The recovery from the lows found resistance below 137.40, but price remains near the mentioned level ahead of the Asian opening.
Stabilization after sharp decline
During January the EUR/JPY lost more than 700 pips and in the first trading day of February extended the decline but managed to find support around 136.30. In the last two days, the Euro has been able to hold, without reaching fresh monthly lows, giving signs of stabilization.
The recovery so far has been capped by 137.50, that is the immediate resistance; a break higher could give upside momentum to the Euro. To the downside immediate support lies at 136.55 (February 4 low) and 136.30 (February 3 low).
The recovery from the lows found resistance below 137.40, but price remains near the mentioned level ahead of the Asian opening.
Stabilization after sharp decline
During January the EUR/JPY lost more than 700 pips and in the first trading day of February extended the decline but managed to find support around 136.30. In the last two days, the Euro has been able to hold, without reaching fresh monthly lows, giving signs of stabilization.
The recovery so far has been capped by 137.50, that is the immediate resistance; a break higher could give upside momentum to the Euro. To the downside immediate support lies at 136.55 (February 4 low) and 136.30 (February 3 low).