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26 Feb 2014
EUR/JPY falls for the third day in a row
FXStreet (Córdoba) - The EUR/JPY lost 40 pips on Wednesday, enough to be among the worst daily performances of February. The pair finished hovering above 140.00, after being able to trim losses.
At the beginning of the American session the Euro bottomed at 139.65, the lowest price in four days, but bounced afterwards, on the back of a weak Yen, rising to 140.20/25.
Technical outlook for the EUR/JPY
According to Valeria Bednarik, Chief Analyst at FXStreet the hourly chart shows price now below the 200 Simple Moving Average “and indicators just correcting oversold readings losing upwards strength in negative territory, which suggests risk remains to the downside”.
On a wider perspective, in four hours charts, technical readings, notes Bednarik gain bearish potential, “and as long as below 140.40 further falls should be expected, with a break below 139.20 opening doors for a midterm bearish continuation”.
At the beginning of the American session the Euro bottomed at 139.65, the lowest price in four days, but bounced afterwards, on the back of a weak Yen, rising to 140.20/25.
Technical outlook for the EUR/JPY
According to Valeria Bednarik, Chief Analyst at FXStreet the hourly chart shows price now below the 200 Simple Moving Average “and indicators just correcting oversold readings losing upwards strength in negative territory, which suggests risk remains to the downside”.
On a wider perspective, in four hours charts, technical readings, notes Bednarik gain bearish potential, “and as long as below 140.40 further falls should be expected, with a break below 139.20 opening doors for a midterm bearish continuation”.