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4 Aug 2014
EUR/JPY rebounds at 137.40
FXStreet (Córdoba) - The ">EUR/JPY bottomed on Monday at 137.40, reaching the lowest price since last Wednesday but then bounced to the upside during the American session and erased losses.
Price is about to end the day trading around 137.60/65, slightly below Friday’s closing. At the beginning of Monday the EUR/JPY approached 138.00 but failed to hold and pulled back.
EUR/JPY technical outlook
“The hourly chart is showing price struggling around its 100 SMA and indicators turning lower in negative territory, although lacking downward strength”, says Valeria Bednarik, Chief Analyst at FXStreet.
The 4-hour chart indicators are biased lower around their midlines notes Bednarik “exposing the pair to further slides, moreover on a clear break of current support area”.
Price is about to end the day trading around 137.60/65, slightly below Friday’s closing. At the beginning of Monday the EUR/JPY approached 138.00 but failed to hold and pulled back.
EUR/JPY technical outlook
“The hourly chart is showing price struggling around its 100 SMA and indicators turning lower in negative territory, although lacking downward strength”, says Valeria Bednarik, Chief Analyst at FXStreet.
The 4-hour chart indicators are biased lower around their midlines notes Bednarik “exposing the pair to further slides, moreover on a clear break of current support area”.