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14 Feb 2014
EUR/JPY recovers and moves toward 140.00
FXStreet (Córdoba) - The Euro rose on Thursday against the Yen and erased Wednesday's losses. The EUR/JPY finished the day hovering around 139.80, with a gain of 40 pips.
During the European session the pair found support at 138.90 and climbed on New York hours from 139.00 to 139.90 (February 13 high). Ahead of Nikkei’s opening and Chinese data the EUR/JPY trades at 139.77, less than 20 pips above the price it had at the beginning of the week.
Technical outlook for the EUR/JPY
The hourly chart, notes ">Valeria Bednarik, Chief Analyst at FXStreet, shows a slightly positive tone as price stands back above the 100 SMA, “and indicators head higher in positive territory, albeit there’s no actual strength coming from technical readings”.
Bednarik affirms that the key resistance level is the 140.40 area and only above the EUR/JPY would be able to advance further.
During the European session the pair found support at 138.90 and climbed on New York hours from 139.00 to 139.90 (February 13 high). Ahead of Nikkei’s opening and Chinese data the EUR/JPY trades at 139.77, less than 20 pips above the price it had at the beginning of the week.
Technical outlook for the EUR/JPY
The hourly chart, notes ">Valeria Bednarik, Chief Analyst at FXStreet, shows a slightly positive tone as price stands back above the 100 SMA, “and indicators head higher in positive territory, albeit there’s no actual strength coming from technical readings”.
Bednarik affirms that the key resistance level is the 140.40 area and only above the EUR/JPY would be able to advance further.