18 Feb 2014
EUR/JPY breaks 139.70, eyes 140.00
FXStreet (Córdoba) - After moving in ranges for many hours between 139.55 and 139.75 the EUR/JPY broke to the upside early in Asia and climbed to 139.95, and currently holds near the highs, eyeing 140.00.
The Yen weakened across the board ahead of Nikkei’s opening as the USD/JPY rose above 102.00, pushing the EUR/JPY to the upside.
Technical outlook for the EUR/JPY
The short-term outlook is bullish for the pair but is now heading toward a strong resistance around 140.00; above here the next resistance comes at 140.30 where last week highs lie. If the price breaks above the last one it could trigger a rally.
To the downside between 138.80 and 139.00 the EUR/JPY has an important support area. A consolidation below could add pressure to the Euro; support levels then might lie at 138.10 and 137.50.
The Yen weakened across the board ahead of Nikkei’s opening as the USD/JPY rose above 102.00, pushing the EUR/JPY to the upside.
Technical outlook for the EUR/JPY
The short-term outlook is bullish for the pair but is now heading toward a strong resistance around 140.00; above here the next resistance comes at 140.30 where last week highs lie. If the price breaks above the last one it could trigger a rally.
To the downside between 138.80 and 139.00 the EUR/JPY has an important support area. A consolidation below could add pressure to the Euro; support levels then might lie at 138.10 and 137.50.