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Market Sentiment At Its Lowest In 10 Months

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EUR/JPY - Starting To Reverse

EUR/JPY's demand has slowed down after reaching 121.00. Hourly resistance can be located at 121.34 (10/02/2017 high). Strong resistance is given at a distance at 123.31 (27/01/2017 high). Expected to show further weakness.

In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Strong support at 94.12 (24/07/2012 low) looks nonetheless far away.

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