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Forex: EUR/JPY falls below 120.00 to test 121.40

FXstreet.com (San Francisco) - The Euro is trading lower following the Cyprus hangover and the news regarding euro leading would be thinking to use the Cypriot resolution as financial template for the rest of Europe. In addition, another new talk on Italian downgrade has hurt, even more, the single currency.

The EUR/USD has fallen 170 pips in the latest couple of hours from 123.20 to break down the 120.00 level and test the Friday's low at 121.40. Currently the EUR/JPY is trading at 121.55, 0.78% down on the day. The pair is trading slightly bearish according to the FXstreet.com Forex Studies.

Indicators such as MACD, CCI and Momentum are bearish while the Stochastic is neutral. below the 121.40, next supports are at 121.10 and 120.75. Resistances are at 122.15, 123.80 and 124.50.

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