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20 May 2014
EUR/JPY bears made their way below 139.00 pivot
FXStreet (Moscow) - EUR/JPY recovery from from the pivotal support of 139.00 was short-lived as the cross crashed to 138.70 early in Europe
Still under pressure
EUR/JPY touched the low of 138.60 on Monday, but finished the day right at the pivotal support of 139.00. The bears desperately need a daily close below this level to get extend the downside to year to date lows of 136.21. It seems that they have started to implement their wicked plans as the cross has reversed early gains on the back of general JPY weakness caused by better risk sentiments and crashed below the above said support level. Later during the day the cross will be influenced by overall speculative sentiments and technical factors. Watch for EUR dynamics as it will spill over to EUR/JPY. The key technical levels are 139.30 on the upside (the break above this local resistance is needed to get the cross to 139.40/50 area), and 138.60 on the downside.
What price levels and patterns have to be considered?
Current price is 138.82, with resistance ahead at 139.02 (Daily Classic PP), 139.04 (Monthly Low), 139.04 (Weekly Low), 139.07 (Hourly 20 EMA) and 139.15 (Daily Open).
Support below can be found at 138.82 (Daily Low), 138.74 (Daily Classic S1), 138.61 (Yesterday's Low), 138.34 (Daily Classic S2) and 138.22 (Weekly Classic S1).
Still under pressure
EUR/JPY touched the low of 138.60 on Monday, but finished the day right at the pivotal support of 139.00. The bears desperately need a daily close below this level to get extend the downside to year to date lows of 136.21. It seems that they have started to implement their wicked plans as the cross has reversed early gains on the back of general JPY weakness caused by better risk sentiments and crashed below the above said support level. Later during the day the cross will be influenced by overall speculative sentiments and technical factors. Watch for EUR dynamics as it will spill over to EUR/JPY. The key technical levels are 139.30 on the upside (the break above this local resistance is needed to get the cross to 139.40/50 area), and 138.60 on the downside.
What price levels and patterns have to be considered?
Current price is 138.82, with resistance ahead at 139.02 (Daily Classic PP), 139.04 (Monthly Low), 139.04 (Weekly Low), 139.07 (Hourly 20 EMA) and 139.15 (Daily Open).
Support below can be found at 138.82 (Daily Low), 138.74 (Daily Classic S1), 138.61 (Yesterday's Low), 138.34 (Daily Classic S2) and 138.22 (Weekly Classic S1).