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28 Feb 2014
EUR/JPY hovering around 140.00, after strong recovery
FXStreet (Córdoba) - The EUR/JPY finished practically unchanged on Thursday after being able to erased all losses. At the beginning of the European session the Euro tumbled and fell to 138.75, hitting levels not seen in two weeks. But then the common currency gained momentum and the Yen pulled back across the board pushing the EUR/JPY back to the upside, amid a recovery in Wall Street.
The rally from the lows found resistance around the 140.20 area and pulled back to finish the day hovering around 140.00 after rising more than hundred pips from the lows.
Levels to watch in the coming hours
Valeria Bednarik, Chief Analyst at FXStreet, notes that if the pair breaks above 140.40, a strong static resistance area, it would favor an approach to 141.00. On the other direction Bednarik warns that if the EUR/JPY falls back below 139.60, the bearish momentum could take the price back toward Thursday’s lows.
The rally from the lows found resistance around the 140.20 area and pulled back to finish the day hovering around 140.00 after rising more than hundred pips from the lows.
Levels to watch in the coming hours
Valeria Bednarik, Chief Analyst at FXStreet, notes that if the pair breaks above 140.40, a strong static resistance area, it would favor an approach to 141.00. On the other direction Bednarik warns that if the EUR/JPY falls back below 139.60, the bearish momentum could take the price back toward Thursday’s lows.