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14 Aug 2015
EUR/JPY falls to test 138.00
FXStreet (Córdoba) - The euro weakened across the board during the last hour and pushed the EUR/JPY to test a key short-term support area located around 138.00. A break lower could send the price to the lowest level in three days and open the doors for further losses.
The pair earlier rose to test weekly highs slightly below 139.00 but failed to break higher and lost strength. Initially pulled back to 138.35 (European session low) and recently broke below and dropped to 138.02. Currently it trades at 138.05/10, 65 pips below yesterday’s closing price.
EUR/JPY technical outlook
The pair still holds a bullish bias in the short-term as it continues to recover from levels near 133.00. On Wednesday hit highest in a month and lost strength, forming today a potential double top at 138.85.
Price could correct lower. Main support levels could be located at 138.00, 137.75 and 137.35.
The pair earlier rose to test weekly highs slightly below 139.00 but failed to break higher and lost strength. Initially pulled back to 138.35 (European session low) and recently broke below and dropped to 138.02. Currently it trades at 138.05/10, 65 pips below yesterday’s closing price.
EUR/JPY technical outlook
The pair still holds a bullish bias in the short-term as it continues to recover from levels near 133.00. On Wednesday hit highest in a month and lost strength, forming today a potential double top at 138.85.
Price could correct lower. Main support levels could be located at 138.00, 137.75 and 137.35.