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26 Feb 2014
EUR/JPY finds support above 140.10
FXStreet (Córdoba) - The EUR/JPY finished lower on Tuesday for the second day in a row but it was able to hold above 140.00. On European hours the Euro broke below 140.70 and tumbled, bottoming at 140.12, the lowest price since February 20 and bounced afterwards but if found resistance at 140.50, ending the day at 140.35.
Early in Asia the pair is trading around 140.40 holding some downside momentum but still with support above 140.00.
Technical outlook for the EUR/JPY
According to Valeria Bednarik, Chief Analyst at FXStreet the hourly chart shows price capped below the 100 Simple Moving Average that is now acting as dynamic resistance around 140.60. “In the 4 hours chart the pair presents a slightly negative tone, with the downside now favored towards the 139.20 price zone”, said Bednarik.
Early in Asia the pair is trading around 140.40 holding some downside momentum but still with support above 140.00.
Technical outlook for the EUR/JPY
According to Valeria Bednarik, Chief Analyst at FXStreet the hourly chart shows price capped below the 100 Simple Moving Average that is now acting as dynamic resistance around 140.60. “In the 4 hours chart the pair presents a slightly negative tone, with the downside now favored towards the 139.20 price zone”, said Bednarik.