SUBSCRIBE TO FEEDFXstreet.com (Córdoba) – After extending its 11-week high to 114.72 during Wednesday’s European session, EUR/JPY has been retreating steadily and is back testing the previous strong resistance level, now support at the 113.30/50 zone.
Although the pair went as low as 113.20, it ended the day around 113.65, 0.49% below its opening price. Currently EUR/JPY is trading at 113.58 ahead of Nikkei opening.
“EUR failed to hold its push above 114.72, and fell back towards 113.49/40 before finding support. This may yet give way, signaling a further reaction in range to 112.79. (A break of this, still not seen, would confirm a reversal.) Resistance is now 114.25/34 and 114.73. This should be cleared later, to retarget 115.19 and 115.50″, said the 4CAST team.
For more information, read our latest forex news.
