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14 Feb 2014
EUR/JPY eases to 139.40
FXStreet (Edinburgh) - The EUR/JPY is now losing some upside momentum after bouncing off the 139.00 handle, returning to the 139.40/35 area.
EUR/JPY extends the decline from 140.00
After dipping below the key support at 139.00 on Coeure’s comments on Wednesday, the cross attempted a bull run although the intent stalled just above 140.00, sparking the current correction. “EUR/JPY continues to sit just below its 6 week downtrend at 139.90 (we re-drew the line) and while this caps we will assume that risks remain on the downside”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/JPY key levels
The cross is now losing 0.30% at 139.42 with the next support at 138.98 (low Feb.14) ahead of 138.89 (low Feb.13) and then 138.67 (low Feb.12). On the upside, a break above 139.90 (high Feb.12) would expose 140.00 (psychological level) and finally 140.31 (high Feb.11).
EUR/JPY extends the decline from 140.00
After dipping below the key support at 139.00 on Coeure’s comments on Wednesday, the cross attempted a bull run although the intent stalled just above 140.00, sparking the current correction. “EUR/JPY continues to sit just below its 6 week downtrend at 139.90 (we re-drew the line) and while this caps we will assume that risks remain on the downside”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/JPY key levels
The cross is now losing 0.30% at 139.42 with the next support at 138.98 (low Feb.14) ahead of 138.89 (low Feb.13) and then 138.67 (low Feb.12). On the upside, a break above 139.90 (high Feb.12) would expose 140.00 (psychological level) and finally 140.31 (high Feb.11).