26 Aug 2015
EUR/JPY falls for the third day in a row, eyes August lows
FXStreet (Córdoba) - EUR/JPY rose during the Asian session but then reversed and dropped sharply, falling under Monday’s lows. Currently it trades at 135.80/90, down 0.70% for the day.
The euro is losing ground against the yen for the third day in a row, and is has approached August lows that lie at 134.99.
EUR/JPY technical outlook
The technical outlook has changed dramatically during the current week. On Monday the pair initially continued to test the 139.00 resistance zone, but, like it happen during the previous week it failed to break higher and reversed, forming a potential double top. On Monday, amid a global equity selloff bottomed at 135.95.
The decline pushed the price below an uptrend line and also under the daily 20-SMA, weakening technical outlook for the euro. If the slide continues, below 135.00, the next key resistance lies at 134.20 and 133.20/30 (July low).
The euro is losing ground against the yen for the third day in a row, and is has approached August lows that lie at 134.99.
EUR/JPY technical outlook
The technical outlook has changed dramatically during the current week. On Monday the pair initially continued to test the 139.00 resistance zone, but, like it happen during the previous week it failed to break higher and reversed, forming a potential double top. On Monday, amid a global equity selloff bottomed at 135.95.
The decline pushed the price below an uptrend line and also under the daily 20-SMA, weakening technical outlook for the euro. If the slide continues, below 135.00, the next key resistance lies at 134.20 and 133.20/30 (July low).