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EUR/JPY falls to 1-week lows

FXStreet (Córdoba) - After a modest rise on Tuesday, EUR/JPY is retreating again on Wednesday, moving further away from 141.20, last week highs. Hours ago price bottomed at 138.98, the lowest price since September 17 and then rebounded, as the USD/JPY rose toward 109.00.

A weak euro favored the downside. Near Wall Street closing bell the pair is moving off lows, trading at 139.40, still 40 pips below yesterday’s closing price.

EUR/JPY technical analysis

In the short term, according to Valeria Bednarik, Chief Analyst at FXStreet, the hourly chart shows indicators slightly higher, below their midlines suggesting a correction, with price “below both 100 and 200 SMAs, with the latest now around 139.50 acting as immediate intraday resistance”.

On a wider perspective, Bednarik notes that if the 139.50 area holds, risk will remain to the downside. “In the 4 hours chart indicators present a strong bearish momentum, delimiting the possibility of a stronger recovery”.

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