17 Jan 2014
EUR/JPY finds support at 141.70
FXstreet.com (Córdoba) - The EUR/JPY finished Thursday with a small loss but with signs of weakness after making a strong reversal near 143.00. During the Asian session, on the back of a weak Yen the EUR/JPY surged and rose to 142.90, hitting levels not seen since January 10 but lost momentum and started to retreated.
On the European session the decline accelerated and the pair lost all its gains and bottomed at 141.70 (2-day low). On New York hours the EUR/JPY bounced from the lows and rose back above 142.00. It was the third consecutive daily close between 142.00 and 142.30.
According to Valeria Bednarik, Chief Analyst at FXStreet recent movements support the idea that bears maintain the control. “The 4 hours chart shows an increasing bearish potential, supporting another run towards 140.00 if 141.40 support gives up”.
On the European session the decline accelerated and the pair lost all its gains and bottomed at 141.70 (2-day low). On New York hours the EUR/JPY bounced from the lows and rose back above 142.00. It was the third consecutive daily close between 142.00 and 142.30.
According to Valeria Bednarik, Chief Analyst at FXStreet recent movements support the idea that bears maintain the control. “The 4 hours chart shows an increasing bearish potential, supporting another run towards 140.00 if 141.40 support gives up”.