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EUR/JPY bids failing and pressure mounts

FXStreet (Guatemala) - EUR/JPY is trading at 137.18, down -0.13% on the day, having posted a daily high at 137.47 and low at 137.05.

EUR/JPY has been attempting the upside since dropping the 137.00 mark last which held. On the hourly, we have a triple top and price has subsequently moved lower as bids become exhausted with little action in the majors ahead of key events in the week in the FOMC. Any further rallies of a break higher are indicated to terminate circa 138.00/40 according to Karen jones, chief analyst at Commerzbank. “Near term rallies need to regain the 200 day ma at 139.56 in order to reassert upside pressure at this point and trigger a move to 141.88 and 143.55 (61.8% and 78.6% retracement of the move seen this year). This is not favoured”.

EUR/JPY noteworthy levels

With spot trading at 137.18, we can see next resistance ahead at, 137.30 (Hourly 20 EMA), and 137.46 (Daily Classic PP). Support below can be found at 137.11, 137.02 (Daily Classic S1), 136.72 and 136.67 (Daily Classic S2).

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