EUR/JPY - Challenging The Support at 132.00
EUR/JPY has weakened further and is now challenging the support at 132.00. Another support can be found at 130.15. Hourly resistances now stand at 133.59 (05/03/2015 low, see also the declining channel) and 134.60 (02/03/2015 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).