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EUR/JPY remains in negative territory sub 139.15

FXStreet (Guatemala) - EUR/JPY is trading at 138.65, up 0.04% on the day, having posted a daily high at 138.78 and low at 138.57.

The 140 handle seems like a distant memory from last week as the pairs direction presses on 138.60/50, familiar grounds from where we the pair attempted a recovery from last weeks lows that met supply around the 139 barrier. Here, as Valeria Bednarik, chief analyst points out, the pair trades around the 50% retracement of its latest daily bullish run from Sep 5th low of 135.81 to Sep 19th high posted at 131.21, with the 38.2% retracement of the same rally offering resistance now at 139.15. “In the 4 hours chart indicators turned lower in negative territory after correcting oversold readings, with scope to extend towards 137.90, 61.8% retracement of the same rally”.

Support levels: 138.40 137.90 137.35

Resistance levels: 139.15 139.60 140.00

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