3 Dec 2013
EUR/JPY threatening 139.20 support
FXstreet.com (London) - EUR/JPY has changed path intraday and is starting to threaten key support to the downside.
EUR/JPY held steady on Friday and started this week on the bid, and was looking well placed to continue to probe 140.30/141.00, the 61.8% retracement of the move down from 2008. However this is a key technical level there and represents tough overhead resistance. Strategists at Commerzbank said, “We are alert to the idea of the market failing between current price and the 141.00 zone”. But nevertheless they suggested that the market is viewed as bid while above 136.81, the accelerated uptrend.
EUR/JPY Levels
The 20 DMA is 135.23, the 50 DMA is 134.10 and the 200 DMA is 130.01. RSI (14) reads 48.20. Supports are ascending from 137.68, 137.98, 138.27, 138.98 and 139.20. Spot is currently 139.32 while resistances are 139.70, 140.00/30, 140.90 and 140.99.
EUR/JPY held steady on Friday and started this week on the bid, and was looking well placed to continue to probe 140.30/141.00, the 61.8% retracement of the move down from 2008. However this is a key technical level there and represents tough overhead resistance. Strategists at Commerzbank said, “We are alert to the idea of the market failing between current price and the 141.00 zone”. But nevertheless they suggested that the market is viewed as bid while above 136.81, the accelerated uptrend.
EUR/JPY Levels
The 20 DMA is 135.23, the 50 DMA is 134.10 and the 200 DMA is 130.01. RSI (14) reads 48.20. Supports are ascending from 137.68, 137.98, 138.27, 138.98 and 139.20. Spot is currently 139.32 while resistances are 139.70, 140.00/30, 140.90 and 140.99.