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14 Aug 2014
EUR/JPY needs to break 137.50
FXStreet (Guatemala) - EUR/JPY is trading below the 137 handle still, currently at 136.87 having posted a high in US at 137.18.
The pair has been benefiting on the back of the poor GDP numbers from Japan yesterday but the FXStreet OB/OS Index is now reflecting neutral hourly conditions, while the FXStreet Trend Index is still slightly bullish.
Valeria Bednarik, chief analyst at FXstreet points pout that the hourly chart is showing indicators losing upward strength but holding in positive territory, as price struggles around a bearish 200 SMA. “In the 4 hours chart the upside seems more constructive, yet the bullish momentum also eases some. A daily descendant trend line coming from May high of 142.36 stands today in the 137.50 area and it would take a recovery above it to support a continued advance towards 138.00/20 price zone”.
EUR/JPY support and resistance levels
Support levels: 136.60 136.20 135.70
Resistance levels: 137.10 137.50 137.90
The pair has been benefiting on the back of the poor GDP numbers from Japan yesterday but the FXStreet OB/OS Index is now reflecting neutral hourly conditions, while the FXStreet Trend Index is still slightly bullish.
Valeria Bednarik, chief analyst at FXstreet points pout that the hourly chart is showing indicators losing upward strength but holding in positive territory, as price struggles around a bearish 200 SMA. “In the 4 hours chart the upside seems more constructive, yet the bullish momentum also eases some. A daily descendant trend line coming from May high of 142.36 stands today in the 137.50 area and it would take a recovery above it to support a continued advance towards 138.00/20 price zone”.
EUR/JPY support and resistance levels
Support levels: 136.60 136.20 135.70
Resistance levels: 137.10 137.50 137.90