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7 Jan 2014
EUR/JPY back to 142.00
FXstreet.com (Córdoba) - The EUR/JPY rose after Wall Street opening and climbed to 142.77 (December 6 high) but lost momentum and fell to 141.70 from where it bounced again to end Monday hovering around 142.00, with a 50-pip decline.
Downside continues for the EUR/JPY
The Euro posted the third daily decline in a row against the Yen. The Japanese currency was among the strongest on Monday. EUR/JPY posted moderate losses but hit a 2-week low at 141.50 and the recovery from the lows was short-lived. The daily close was the lowest since December 17th.
Falling stocks in Japan and weak US data favored the Yen versus the Euro. Another decline in the Nikkei 225 could send the EUR/JPY even lower. Immediate support levels lie at 141.50 (weekly low) and 140.90 (December 11 lows). To the upside, resistance comes at 142.40 and above at 142.80, price zone that capped the downside on January 3rd and the upside yesterday.
Downside continues for the EUR/JPY
The Euro posted the third daily decline in a row against the Yen. The Japanese currency was among the strongest on Monday. EUR/JPY posted moderate losses but hit a 2-week low at 141.50 and the recovery from the lows was short-lived. The daily close was the lowest since December 17th.
Falling stocks in Japan and weak US data favored the Yen versus the Euro. Another decline in the Nikkei 225 could send the EUR/JPY even lower. Immediate support levels lie at 141.50 (weekly low) and 140.90 (December 11 lows). To the upside, resistance comes at 142.40 and above at 142.80, price zone that capped the downside on January 3rd and the upside yesterday.