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11 Jun 2014
EUR/JPY downside may have further to go
FXStreet (Guatemala) - EUR/JPY is trading at 138.59, down -0.04% on the day, having posted a daily high at 138.69 and low at 138.56.
EUR/JPY bears are taking advantage of the fact that euro's immediate post-ECB bounce running its course. Richard Franulovich, analyst at
Westpac Banking Corporation ABN explained that they believe further losses are in store over coming weeks. “A weaker basic balance update for April, reports of EUR money market outflows and lower levels still for EONIA should feed a steady decline in the euro, albeit one that is periodically upset by events like the FOMC”.
EUR/JPY Levels
Spot is presently trading at 138.60, and next resistance can be seen at 138.63 (Daily 200 SMA), 138.66 (Daily Open), 138.69 (Daily High), 138.73 (Daily Classic S2) and 138.77 (Hourly 20 EMA). Support below can be found at 138.56 (Daily Low), 138.45 (Yesterday's Low), 138.42 (Monthly Low), 138.20 (Daily Classic S3) and 138.15 (Weekly Classic S2).
EUR/JPY bears are taking advantage of the fact that euro's immediate post-ECB bounce running its course. Richard Franulovich, analyst at
Westpac Banking Corporation ABN explained that they believe further losses are in store over coming weeks. “A weaker basic balance update for April, reports of EUR money market outflows and lower levels still for EONIA should feed a steady decline in the euro, albeit one that is periodically upset by events like the FOMC”.
EUR/JPY Levels
Spot is presently trading at 138.60, and next resistance can be seen at 138.63 (Daily 200 SMA), 138.66 (Daily Open), 138.69 (Daily High), 138.73 (Daily Classic S2) and 138.77 (Hourly 20 EMA). Support below can be found at 138.56 (Daily Low), 138.45 (Yesterday's Low), 138.42 (Monthly Low), 138.20 (Daily Classic S3) and 138.15 (Weekly Classic S2).