EUR/JPY - Remains in its Short-Term Declining Channel

By: MIG Bank | Wed, Mar 4, 2015
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EUR/JPY continues to move within its shortterm declining channel, indicating persistent selling pressures. The break of the hourly support at 133.55 opens the way for further short-term weakness. Other supports can be found at 132.00 and 130.15. Hourly resistances lie at 134.60 (02/03/2015 high) and 135.37 (26/02/2015 high).

In the longer term, the break of the strong support at 134.11 (20/11/2013 low) invalidates the long-term succession of higher lows. The resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. More sideways moves are now expected. A key support stands at 124.97 (13/06/2013 low), whereas key resistances can be found at 137.64 (20/01/2015 high) and 141.72 (08/01/2015 high).

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Author: MIG Bank

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