28 Jul 2014
EUR/JPY bearish bias below 137.60
FXStreet (Guatemala) - EUR/JPY is trading at 136.76, up 0.01% on the day, having posted a daily high at 136.80 and low at 136.64.
EUR/JPY is coming with a bearish bias through the support of 137.60 and below according to a number of indicators and market strategists. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY maintains a weak stance, according to the hourly chart that shows price was unable to advance beyond its 200 SMA and slipped below 100 one, as momentum continues heading south in negative territory. “In the 4 hours chart technical readings are also bearish supportive, as per price well below its moving averages and indicators losing upward potential and turning flat in neutral territory. Renewed selling pressure below 136.60 should keep the risk to the downside, while only above 137.90 an interim bottom may be underway”.
EUR/JPY short term chart levels
Spot is presently trading at 136.79, and next resistance can be seen at 136.82 (Hourly 20 EMA), 136.83 (Weekly ClassicPP) and 136.89 (Daily Classic PP). Next support to the downside can be found at 136.63 (Monthly Low) and 136.20 is key according to ICN currency team who said “Breaking below 136.20 will cancel the bullish scenario”.
EUR/JPY is coming with a bearish bias through the support of 137.60 and below according to a number of indicators and market strategists. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY maintains a weak stance, according to the hourly chart that shows price was unable to advance beyond its 200 SMA and slipped below 100 one, as momentum continues heading south in negative territory. “In the 4 hours chart technical readings are also bearish supportive, as per price well below its moving averages and indicators losing upward potential and turning flat in neutral territory. Renewed selling pressure below 136.60 should keep the risk to the downside, while only above 137.90 an interim bottom may be underway”.
EUR/JPY short term chart levels
Spot is presently trading at 136.79, and next resistance can be seen at 136.82 (Hourly 20 EMA), 136.83 (Weekly ClassicPP) and 136.89 (Daily Classic PP). Next support to the downside can be found at 136.63 (Monthly Low) and 136.20 is key according to ICN currency team who said “Breaking below 136.20 will cancel the bullish scenario”.