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29 Jan 2014
EUR/JPY hits weekly highs above 141.00
FXstreet.com (Córdoba) - The EUR/JPY continues to move higher, extending weekly gains. Following the announcement of the Turkish central bank, that rose rates dramatically, reached at 141.25, the highest price since last Friday.
At the moment of writing the EUR/JPY was trading at 140.89, up 0.17% for the day so far, pulling back from the highs, after being unable to hold above 141.00.
Technical outlook for the EUR/JPY
The outlook for the Asian session remains positive for the Euro, but Valeria Bednarik, Chief Analyst at FXStreet notes that the EUR/JPY needs to make a clear break above the 141.40/50 area “to shake off the negative tone”.
The short-term trend points to the upside and offers support at 140.50, where an hourly uptrend line stands. Below the next support could be located at 140.10/15 (January 28 lows). Resistance from current levels might lie at 141.25 (daily high), 141.50 and 141.80 (January 21, 22 highs).
At the moment of writing the EUR/JPY was trading at 140.89, up 0.17% for the day so far, pulling back from the highs, after being unable to hold above 141.00.
Technical outlook for the EUR/JPY
The outlook for the Asian session remains positive for the Euro, but Valeria Bednarik, Chief Analyst at FXStreet notes that the EUR/JPY needs to make a clear break above the 141.40/50 area “to shake off the negative tone”.
The short-term trend points to the upside and offers support at 140.50, where an hourly uptrend line stands. Below the next support could be located at 140.10/15 (January 28 lows). Resistance from current levels might lie at 141.25 (daily high), 141.50 and 141.80 (January 21, 22 highs).