20 Jan 2014
EUR/JPY - Support 140.80/141.00 under pressure
FXstreet.com (Bali) - EUR/JPY has come into contact with critical support at 140.80/141.00, with the softness in price in the Nikkei 225 at the open (-0.5%) adding pressure.
Nikkei 225 not helping EUR/JPY
As noted in a previous article, the Yen crosses are not finding much support by the technical status in the Nikkei, which continues to trade ambiguously choppy, trapped around its kijun/tenkan lines on the daily chart.
EUR/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXStreet: "The EUR/JPY is still exposed to the downside as per short term technical readings: the hourly chart shows price well below moving averages, both flat above in the 142.00 area, while indicators correct oversold readings yet hold in negative territory. In the 4 hours chart indicators maintain a strong bearish momentum, supporting a retest of this month low of 140.48."
Nikkei 225 not helping EUR/JPY
As noted in a previous article, the Yen crosses are not finding much support by the technical status in the Nikkei, which continues to trade ambiguously choppy, trapped around its kijun/tenkan lines on the daily chart.
EUR/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXStreet: "The EUR/JPY is still exposed to the downside as per short term technical readings: the hourly chart shows price well below moving averages, both flat above in the 142.00 area, while indicators correct oversold readings yet hold in negative territory. In the 4 hours chart indicators maintain a strong bearish momentum, supporting a retest of this month low of 140.48."