5 Mar 2014
EUR/JPY finds resistance at 140.80
FXStreet (Córdoba) - The EUR/JPY rose during the European session from 140.18 (daily low) to 140.78, reaching the strongest level since last Friday. On New York the Yen gained momentum across the board pushing the pair toward 140.50, where currently trades, less than 10 pips above yesterday’s closing price.
“The EUR/JPY shows a limited advance over these last sessions, still dancing at the pace of stocks: indexes stood mostly flat across the world, making a pause on this week activity ahead of Central Banks meetings tomorrow”, says Valeria Bednarik, Chief Analyst at FXStreet.
EUR/JPY technical outlook
After finding support at the beginning of the week above 139.00, the EUR/JPY gained upside momentum, but as it approached 141.00, lost steam. According to Bednarik, in the 4 hours chart “the technical picture is also mildly positive, moreover with price holding above 140.40 immediate short term support, but the lack of momentum keeps upcoming movements limited”.
“The EUR/JPY shows a limited advance over these last sessions, still dancing at the pace of stocks: indexes stood mostly flat across the world, making a pause on this week activity ahead of Central Banks meetings tomorrow”, says Valeria Bednarik, Chief Analyst at FXStreet.
EUR/JPY technical outlook
After finding support at the beginning of the week above 139.00, the EUR/JPY gained upside momentum, but as it approached 141.00, lost steam. According to Bednarik, in the 4 hours chart “the technical picture is also mildly positive, moreover with price holding above 140.40 immediate short term support, but the lack of momentum keeps upcoming movements limited”.