8 Oct 2014
EUR/JPY rises back above 137.00
FXStreet (Córdoba) - The euro recovered ground against the Yen after falling on Tuesday to the lowest level in a month. Since the beginning of the day EUR/JPY moved in ranges with support at 136.65 and resistance at 137.05 but recently broke higher and climbed to 137.16, reaching a fresh daily high. Afterwards bounced back toward 137.00.
EUR/JPY to test 2014 lows?
In the short term the pair is moving wiht a downside bias, approaching to 2014 lows that lie around 136.00 - 135.70. “Support levels can be found at 136.484 and 135.923. Both are likely to be tested, but I’m not so sure if a breakthrough is possible in the current environment”, mentioned Alex Gurr, analyst at Blackwell Global Investments Limited.
Gurr notes that 135.923 is a test area “and should just be watched to see if we are going to get a reversal or a breakthrough lower from the weaker euro”.
EUR/JPY to test 2014 lows?
In the short term the pair is moving wiht a downside bias, approaching to 2014 lows that lie around 136.00 - 135.70. “Support levels can be found at 136.484 and 135.923. Both are likely to be tested, but I’m not so sure if a breakthrough is possible in the current environment”, mentioned Alex Gurr, analyst at Blackwell Global Investments Limited.
Gurr notes that 135.923 is a test area “and should just be watched to see if we are going to get a reversal or a breakthrough lower from the weaker euro”.