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21 May 2014
EUR/JPY bounces from 14-week lows
FXStreet (Córdoba) - The EUR/JPY slipped further before Wall Street opening and bottomed at 138.13 reaching the lowest price since February 6. Afterwards rebounded as the Yen pulled back across the board and managed to rise back above 138.50, trimming losses.
Currently the pair trades at 138.66, down 0.15% from today’s opening price. The Euro is headed toward the lowest daily close since early February and has been able to rise only in two days out of the last two weeks.
EUR/JPY technical outlook
The bias continues to point toward the downside particularly after consolidating below 140.00. Some technical indicators show oversold conditions but so far no major signs of a bullish correction has emerged.
To the downside support levels might lie between 138.00 and 138.15 and below here at 137.50 (January 31 low). To the upside, immediate resistance lies at 138.70 (American session high) and then 139.40.
Currently the pair trades at 138.66, down 0.15% from today’s opening price. The Euro is headed toward the lowest daily close since early February and has been able to rise only in two days out of the last two weeks.
EUR/JPY technical outlook
The bias continues to point toward the downside particularly after consolidating below 140.00. Some technical indicators show oversold conditions but so far no major signs of a bullish correction has emerged.
To the downside support levels might lie between 138.00 and 138.15 and below here at 137.50 (January 31 low). To the upside, immediate resistance lies at 138.70 (American session high) and then 139.40.