martes, 26 de agosto de 2014
Further loses for EUR/JPY?
August 26, 2014 • Reprints
The EUR/JPY remains weak and closed at 137.27 yen on Monday.
We see that the currency has recognized the top of the bearish channel as short term resistance.
While the 138.80-139.50level has not been breached, we can still expect even further weaknesses with a view of the market toward lower levels around 136-135.65. Previous lows in the 134.50-134.00 serve as a bottom in this bearish channel.
Only with direct break above 138.80 yen can we expect a further recovery towards 141.30-141.90 where the 61.8% Fibonacci of the entire fall began at 145,65, which is an important resistance for the currency. Let's take a look at the chart.