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EUR/JPY rises back above 137.00

FXStreet (Córdoba) - The euro recovered ground against the Yen after falling on Tuesday to the lowest level in a month. Since the beginning of the day EUR/JPY moved in ranges with support at 136.65 and resistance at 137.05 but recently broke higher and climbed to 137.16, reaching a fresh daily high. Afterwards bounced back toward 137.00.

EUR/JPY to test 2014 lows?

In the short term the pair is moving wiht a downside bias, approaching to 2014 lows that lie around 136.00 - 135.70. “Support levels can be found at 136.484 and 135.923. Both are likely to be tested, but I’m not so sure if a breakthrough is possible in the current environment”, mentioned Alex Gurr, analyst at Blackwell Global Investments Limited.

Gurr notes that 135.923 is a test area “and should just be watched to see if we are going to get a reversal or a breakthrough lower from the weaker euro”.

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