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EUR/JPY consolidates losses, holds above 137.00

FXStreet (Córdoba) - The EUR/JPY is falling for the second day in a row weakened by the Euro, that dropped across the board on Monday. Price bottomed during the European session at 137.07, the lowest level since last Wednesday.

On American hours attempted to recover ground but found resistance at 137.30 and retreated approach daily lows. Ahead of Wall Street closing bell trades at 137.17, almost 50 pips below where it closed on Friday.

EUR/JPY technical outlook

“The hourly chart shows price now below both 100 and 200 SMAs, with the last offering some intraday resistance around 137.25 and indicators heading south below their midlines”, says Valeria Bednarik, Chief Analyst at FXStreet.

According to Bednarik, the 4-hour chart shows technical indicators with a strong downward momentum, “supporting further slides on a break below the 136.90 support level”.

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