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19 Mar 2014
EUR/JPY finds resistance near 142.00
FXStreet (Córdoba) - The EUR/JPY reacted to the upside after the FOMC decided to cut its assets purchases program by another $10 billion and rose to 141.91 but then pulled back toward 141.50.
The Euro finished the day with a small gain against the Yen but the upside remains limited by 142.00. The decline of the Japanese currency was offset by a big drop in the EUR/USD that lost 100 pips after the FED.
Technical outlook for the EUR/JPY
“The short term picture has turned slightly bullish, as price regained the 100 SMA and indicators stand above their midlines, thus the upward momentum is still weak”, says Valeria Bednarik, Chief Analyst at FXStreet.
According to Bednarik, the 4 hours chart is also mild positive, “albeit some steady gains above 142.00 are now required to confirm another leg up”.
The Euro finished the day with a small gain against the Yen but the upside remains limited by 142.00. The decline of the Japanese currency was offset by a big drop in the EUR/USD that lost 100 pips after the FED.
Technical outlook for the EUR/JPY
“The short term picture has turned slightly bullish, as price regained the 100 SMA and indicators stand above their midlines, thus the upward momentum is still weak”, says Valeria Bednarik, Chief Analyst at FXStreet.
According to Bednarik, the 4 hours chart is also mild positive, “albeit some steady gains above 142.00 are now required to confirm another leg up”.