- EUR/JPY
continued to slide during the US session and printed a fresh 6-day low at
131.83. The pair is approaching last week lows that lie at 131.56 and remains
under pressure trading below 132.00.
Weak JPY, weaker
EUR
The pair is falling for the second day in a row despite the
rally of USD/JPY that today reached above 121.50 the highest level in two
months. A weak euro in the market pushed EUR/JPY to the downside.
Today
is losing almost a hundred pips and appears to be headed toward October lows
after the bullish correction from 131.55, found resistance above 133.00 and
changed the trend.
EUR/JPY key resistance
The
bias is likely to favor the downside in the short term as long as the pair
remains below the 132.50/70 area, that could be consider an important dynamic
resistance, where a downtrend line from last week highs currently stands and
also the 20-SMA in four hour charts.
A break above 132.50 could boost
the euro, while holding below, October lows would remain expose.
