9 Jan 2014
EUR/JPY ends day flat, away from highs
FXstreet.com (Córdoba) - The EUR/JPY finished Wednesday practically unchanged, around 142.35. The pair rose during the Asian session on the back of a weak Yen and reached at 143.17 the highest level since last Thursday. But failed to hold above 143.00 and retreated amid a general decline of the Euro in the market.
On American hours the EUR/JPY bottomed at 142.10, price that contained the downside two times on New York trading. Wednesday's close was the fourth consecutive between 142.00 and 142.40.
Technical outlook for the EUR/JPY
On Tuesday the pair started to rise from levels under 142.00 after falling in the previous three days. But the flat close on Wednesday, far from the highs, formed a doji candle, suggesting fading momentum.
According to Valeria Bednarik, Chief Analyst at FXstreet.com the EUR/JPY remains bearish in the short term at least. “The 4 hours chart shows bearish momentum building up, supporting a retest of key 141.40 level for this Thursday, at least from a technical point”.
On American hours the EUR/JPY bottomed at 142.10, price that contained the downside two times on New York trading. Wednesday's close was the fourth consecutive between 142.00 and 142.40.
Technical outlook for the EUR/JPY
On Tuesday the pair started to rise from levels under 142.00 after falling in the previous three days. But the flat close on Wednesday, far from the highs, formed a doji candle, suggesting fading momentum.
According to Valeria Bednarik, Chief Analyst at FXstreet.com the EUR/JPY remains bearish in the short term at least. “The 4 hours chart shows bearish momentum building up, supporting a retest of key 141.40 level for this Thursday, at least from a technical point”.