Forex: EUR/JPY in bearish mode on general euro weakness

FXstreet.com (San Francisco) - EUR/JPY is weaker at the start of trading this Tuesday, with the bear pressure tracking euro weakness on the back of a delay in an announcement from the EU and an article in the FT pessimistic views about the Athens rescue program.

“Bulls extended upmove to 105.75 high last session but the appearance of a Hanging-man and bear-divergence seen on daily stochastic are making longs cautious at current height,” says an analyst on the FXMarketAlerts Team. “A downside break of 104.60 support will expose room for corrective pullback.”

Last quoted at 105.20 from 105.42 late Monday in NY, the FXMarketAlerts Team identifies noteworthy levels of support and resistance at:

R5: 107.65 8 Nov high
R4: 107.08 * 38.2% of 123.33-97.04 drop
R3: 106.78 * 14 Nov high
R2: 106.00 figure
R1: 105.75 20 Feb high

S1: 104.60 20 Feb low
S2: 104.15 intraday level
S3: 103.60 intraday level
S4: 103.44 * 17 Feb low
S5: 103.28 9 Feb high

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