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6 Jun 2014
EUR/JPY stalling at 140 so far
FXStreet (Guatemala) - EUR/JPY is trading at 139.86, down -0.03% on the day, having posted a daily high at 140.00 and low at 139.83.
EUR/JPY’s correction higher has so far stalled at 140 and Karen Jones, chief analyst at Commerzbank notes that the the near term move higher will make little impact on our negative bias while capped by 141.00 and the 2014 downtrend at 141.96. “We look for it to struggle above 140. Our initial downside target is the 136.25 2014 low”. She further added, “Although it should be noted that the market recently completed a symmetrical triangle and this triangle measures to approximately 130, which is achievable by the end of the year. Rallies will find minor resistance at the 138.67 near term downtrend ahead of 139.37/40”.
EUR/JPY overbought?
Valeria Bednarik, chief analyst at FXStreet is also explaining that the Indicators are entering overbought territory, however highlights that the 4 hours chart shows an increasing bullish potential. “Further gains above 140.40 are now required to confirm such advance in the days to come, yet with US NFP data to be release early Friday, the pair will likely wait for the number before moving much further”.
EUR/JPY Levels
With spot trading at 139.86, we can see next resistance ahead at 139.90 (Weekly High), (Daily Open), 139.96 (Daily Classic R1), 140.00 (Daily High) and 140.02 (Yesterday's High). Support below can be found at 139.83 (Daily Low), 139.76 (Daily Classic PP), 139.69 (Hourly 20 EMA), 139.55 (Daily 20 SMA) and 139.51 (Daily Classic S1).
EUR/JPY’s correction higher has so far stalled at 140 and Karen Jones, chief analyst at Commerzbank notes that the the near term move higher will make little impact on our negative bias while capped by 141.00 and the 2014 downtrend at 141.96. “We look for it to struggle above 140. Our initial downside target is the 136.25 2014 low”. She further added, “Although it should be noted that the market recently completed a symmetrical triangle and this triangle measures to approximately 130, which is achievable by the end of the year. Rallies will find minor resistance at the 138.67 near term downtrend ahead of 139.37/40”.
EUR/JPY overbought?
Valeria Bednarik, chief analyst at FXStreet is also explaining that the Indicators are entering overbought territory, however highlights that the 4 hours chart shows an increasing bullish potential. “Further gains above 140.40 are now required to confirm such advance in the days to come, yet with US NFP data to be release early Friday, the pair will likely wait for the number before moving much further”.
EUR/JPY Levels
With spot trading at 139.86, we can see next resistance ahead at 139.90 (Weekly High), (Daily Open), 139.96 (Daily Classic R1), 140.00 (Daily High) and 140.02 (Yesterday's High). Support below can be found at 139.83 (Daily Low), 139.76 (Daily Classic PP), 139.69 (Hourly 20 EMA), 139.55 (Daily 20 SMA) and 139.51 (Daily Classic S1).