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EUR/JPY rebounds from 8-month lows to 136.60

FXStreet (Córdoba) - The ">EUR/JPY tumbled during the American session to 136.14, hitting a fresh 8-month low as the Yen surged across the board. Price rebounded quickly and recovered ground. The move from the lows found resistance at 136.60.

As equities in Wall Street ends with minor changes the EUR/JPY consolidates around 136.50/55, down 0.55% for the day. It is the third daily loss in a row, accumulating a decline of 120 pips.

EUR/JPY far from a correction

“The hourly chart is showing price well below 100 and 200 SMAs and momentum still heading lower despite in oversold levels”, affirms ">Valeria Bednarik, Chief Analyst at FXStreet.

The 4- hours chart indicators are getting exhausted in extreme oversold levels notes Bednarik, but warns that are far from suggesting an upward corrective movement.

GBP/USD middle of range, bearish bias

GBP/USD is trading at 1.6849, down -0.22% on the day, having posted a daily high at 1.6888 and low at 1.6822.
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