13 Jan 2014
EUR/JPY seeking next support at 141.00/141.20
FXstreet.com (Bali) - In a technical-led move, the EUR/JPY has seen fresh 2014 lows at 141.25 in Asia on thin markets as Tokyo is closed for holidays.
EUR/JPY stops out of the way
The break below 142.00 (stops reported below) has put into motion a snow-ball-type of effect with prices sliding sharply as momentum traders capitalize on the space to run until next support near 141.00/141.20.
Stops tripped below 103.75/80 in USD/JPY, combined with the strong recovery in Asian emerging markets, has reinforced the conviction to bid the Yen.
EUR/JPY technicals
On the downside, penetration of 141.00 would open the doors to 140.00 round number (early Dec highs), while on the upside, 142.00 should be retaken to ease the selling pressure.
EUR/JPY stops out of the way
The break below 142.00 (stops reported below) has put into motion a snow-ball-type of effect with prices sliding sharply as momentum traders capitalize on the space to run until next support near 141.00/141.20.
Stops tripped below 103.75/80 in USD/JPY, combined with the strong recovery in Asian emerging markets, has reinforced the conviction to bid the Yen.
EUR/JPY technicals
On the downside, penetration of 141.00 would open the doors to 140.00 round number (early Dec highs), while on the upside, 142.00 should be retaken to ease the selling pressure.