EUR/JPY Remains On Recovery Pressure

EUR/JPY continues to face recovery threats as it closed higher on Monday and followed through higher on Tuesday. On the downside, support comes in at the 118.00 level where a break if seen will aim at the 117.50 level. A cut through here will turn focus to the 117.00 level and possibly lower towards the 116.50 level.

On the upside, resistance resides at the 119.00 level. Further out, we envisage a possible move towards the 119.50 level. Further out, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. On the whole, EUR/JPY continues to retain its recovery pressure nearer term.

(Click on image to enlarge)

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.