12 Feb 2014
EUR/JPY's recovery capped at 139.50
FXStreet (San Francisco) - The EUR/JPY's bounce and attempt to recover from 138.65 was capped at 139.50 where the pair found strong resistance as the cross wasn’t able to break above it.
Early in the day, the EUR/JPY fell 125 pips from the 139.90 area to find support at the mentioned 1.3865 level. After an attempting to recover all losses, the EUR/JPY was capped at 139.50 and it is currently trading at 139.30.
EUR/JPY sentiment
"The EUR/JPY reflected the common currency weakness and the modest movement seen among US indexes that barely gain ground after Tuesday rally," Valeria Bednarik from FXStreet comments. "Having been as low as 138.66, the pair stands right below its 100 SMA in the hourly chart, with indicators holding in negative territory, showing little aims of continuing higher."
Above the 1.3950, the EUR/JPY would face more resistances at 139.85 and 140.25. On the downside, the pair has supports at 1.3915, 138.65 and 138.30.
Early in the day, the EUR/JPY fell 125 pips from the 139.90 area to find support at the mentioned 1.3865 level. After an attempting to recover all losses, the EUR/JPY was capped at 139.50 and it is currently trading at 139.30.
EUR/JPY sentiment
"The EUR/JPY reflected the common currency weakness and the modest movement seen among US indexes that barely gain ground after Tuesday rally," Valeria Bednarik from FXStreet comments. "Having been as low as 138.66, the pair stands right below its 100 SMA in the hourly chart, with indicators holding in negative territory, showing little aims of continuing higher."
Above the 1.3950, the EUR/JPY would face more resistances at 139.85 and 140.25. On the downside, the pair has supports at 1.3915, 138.65 and 138.30.