Further loses for EUR/JPY?

The EUR/JPY remains weak and closed at 137.27 yen on Monday.

We see that the currency has recognized the top of the bearish channel as short term resistance.

While the 138.80-139.50level has not been breached, we can still expect even further weaknesses with a view of the market toward lower levels around 136-135.65. Previous lows in the 134.50-134.00 serve as a bottom in this bearish channel.

Only with direct break above 138.80 yen can we expect a further recovery towards 141.30-141.90 where the 61.8% Fibonacci of the entire fall began at 145,65, which is an important resistance for the currency. Let's take a look at the chart.

 

 


¿Más bajas para el EUR/JPY?

El EUR/JPY se mantiene débil y cierra el lunes a la  baja en los 137.27 yenes y vemos que la divisa ha reconocido la parte alta del canal bajista como resistencia de corto plazo.

Mientras los máximos de 138.80-139.50 yenes no sean superados, aun podremos esperar nuevas debilidades con miras de llevar al mercado hacia niveles inferiores en torno a los 136-135.65 yenes junto a los mínimos previos y incluso rumbo a valores más deprimidos para adelante en los 134.50-134.00 yenes apuntando acceder a la parte baja del canal bajista.

Solo con el quiebre directo por encima de 138.80 yenes, podremos especular con una recuperación mayor hacia la zona de  141.30-141.90 yenes donde se ubica el escollo clave de corto y mediano plazo junto al 61.8% de fibonacci de toda la caída iniciada en 145,65 yenes.

 

 

 

About the Author
Julian Yosovitch
Julian Yosovitch is a trader, and columnist for Ambito Fiinanciero (Argentina), Gestion (Peru), Saladeinversion.com, Inversion and Finanzas (Spain).
He holds a Bachelor of Business Administration and a Professor Master in Finance (UDESA). He is also a Capital Markets Specialist (UBA-IAMC) and Financial Markets Analyst - Ruarte´s Reports Trader. Follow his blogs here, and folow him on Twitter @julianyosovitch.
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