EUR/JPY: recovery from 3-week lows limited by 114.00

Matías Salord FXStreet

EUR/JPY is falling on Monday for the third day in a row. Earlier the pair bottomed at 113.47, the lowest level since August 26. Then it attempted to recover ground. It rose to 113.94 and lost strength.

It was trading at 113.70, 40 pips below Friday’s closing price. The pair holds a bearish tone in the short-term and also for the day as it holds below the 20-hour moving average (113.85/90) that capped the recent recovery.

The yen is showing mix results in the market. It gains versus the US dollar and its European rivals but is falling against commodity currencies. The most important even for the week in Japan will be the central bank’s bank’s decision on Wednesday that is likely to impact on the yen.

Technical levels to watch

To the downside, support levels could be seen at 113.45 (daily low), 113.15 (Aug 26 low) and 112.75/80 (Aug 24 low). On the opposite direction, resistance could be seen at 113.95 (American session high), 114.30 (daily high) and 114.85 (Sep 16 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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