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28 Mar 2014
EUR/JPY points lower, eyes 140.00
FXStreet (Córdoba) - The EUR/JPY is approaching weekly lows as it recently hit a fresh low for the session at 140.27, barely above Thursday’s lows. The pair failed to rise above 140.50 and resumed the decline following Japan’s economic data and Nikkei’s negative opening. After the first 30 minutes, the index is down 0.60%.
Technical outlook for the EUR/JPY
“The hourly chart shows momentum heading lower below its midline, and price accelerating below its moving averages, while the 4 hours chart also present a quite interesting bearish tone coming from technical readings”, said Valeria Bednarik, Chief Analyst at FXStreet.
The EUR/JPY faces immediate resistance at 140.50 and above here at a downtrend line in the hourly chart that stands around 140.70. A break higher could change the short term outlook from bearish to bullish.
Technical outlook for the EUR/JPY
“The hourly chart shows momentum heading lower below its midline, and price accelerating below its moving averages, while the 4 hours chart also present a quite interesting bearish tone coming from technical readings”, said Valeria Bednarik, Chief Analyst at FXStreet.
The EUR/JPY faces immediate resistance at 140.50 and above here at a downtrend line in the hourly chart that stands around 140.70. A break higher could change the short term outlook from bearish to bullish.