8 Jul 2014
EUR/JPY falling for the third day in a row
FXStreet (Córdoba) - The EUR/JPY bottomed on Tuesday at 138.10 on the back of a strong Yen, that rose across the board and then moved slightly to the upside, facing resistance below 138.30.
Currently the pair trades at 138.18, down 0.27% for the day, headed toward the third daily loss in a row and the lowest close since June 12.
EUR/JPY technical outlook
“The pair maintains a strong bearish tone early Asia, with price nearing critical 137.90 support, and developing well below its moving averages, while indicators maintain a bearish slope,” says Valeria Bednarik, Chief Analyst at FXStreet.
The 4-hour chart technical readings are also favoring the downside notes Bednarik, “with a break below mentioned level supporting a stronger downward continuation with 136.80 coming then at sight.”
Currently the pair trades at 138.18, down 0.27% for the day, headed toward the third daily loss in a row and the lowest close since June 12.
EUR/JPY technical outlook
“The pair maintains a strong bearish tone early Asia, with price nearing critical 137.90 support, and developing well below its moving averages, while indicators maintain a bearish slope,” says Valeria Bednarik, Chief Analyst at FXStreet.
The 4-hour chart technical readings are also favoring the downside notes Bednarik, “with a break below mentioned level supporting a stronger downward continuation with 136.80 coming then at sight.”