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17 Dec 2013
EUR/JPY cracks down to 141.01 weekly lows
FXstreet.com (Chicago) - EUR/JPY struggles to maintain the 143 front accumulating 0.52% daily losses so far minutes ahead of the closing of the European trading session.
Red markets seem to set the pace of today’s trading session as evidenced by all the European equity markets and Asia.
EUR/JPY Technical Levels
Price action reveals the pair can’t hold on to the bearish pressure that falls onto the euro braking below fronts not seen in 7 days and approaching the immediate support at 140.80. If the pair extends the losses and bearish channel, under the pattern’s neckline, a H&S formation will manifest. Offered at 141.04, the pair oscillates between the supports aligned at 140.87 (December 11th lows), 140 (December 3rd highs) ahead of 138.41 (December 4th lows) and the resistances set at 141.21 (December 14th lows), 142 (December 10th highs) followed by 142.79 (December 12th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and navigates below the EMA20.
Red markets seem to set the pace of today’s trading session as evidenced by all the European equity markets and Asia.
EUR/JPY Technical Levels
Price action reveals the pair can’t hold on to the bearish pressure that falls onto the euro braking below fronts not seen in 7 days and approaching the immediate support at 140.80. If the pair extends the losses and bearish channel, under the pattern’s neckline, a H&S formation will manifest. Offered at 141.04, the pair oscillates between the supports aligned at 140.87 (December 11th lows), 140 (December 3rd highs) ahead of 138.41 (December 4th lows) and the resistances set at 141.21 (December 14th lows), 142 (December 10th highs) followed by 142.79 (December 12th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and navigates below the EMA20.