24 Jan 2014
EUR/JPY posts small losses on wild day
FXstreet.com (Córdoba) - The EUR/JPY finished Thursday around 141.40 after moving from one extreme to the other. On a weekly basis the Euro is headed toward a small gain, but continues to move sideways, after being unable to confirm higher levels.
EUR/JPY wild day
During the European session, after the release of economic data the pair jumped to 142.40, reaching the strongest level since January 16, but then, as the Yen strengthened across the board lost momentum and plummeted. The Euro bottomed on New York at 141.02, the lowest price since Monday. In the second half of the American session rose toward 141.40.
Levels to watch for the EUR/JPY
Regarding the technical outlook, Valeria Bednarik, Chief Analyst at FXStreet affirms: “In the 4 hours chart 100 and 200 SMAs converge around 142.20, offering dynamic resistance in case of another attempt of running higher”. According to Bednarik, a clear break below 140.90 is required to confirm a downside continuation.
EUR/JPY wild day
During the European session, after the release of economic data the pair jumped to 142.40, reaching the strongest level since January 16, but then, as the Yen strengthened across the board lost momentum and plummeted. The Euro bottomed on New York at 141.02, the lowest price since Monday. In the second half of the American session rose toward 141.40.
Levels to watch for the EUR/JPY
Regarding the technical outlook, Valeria Bednarik, Chief Analyst at FXStreet affirms: “In the 4 hours chart 100 and 200 SMAs converge around 142.20, offering dynamic resistance in case of another attempt of running higher”. According to Bednarik, a clear break below 140.90 is required to confirm a downside continuation.