3 Feb 2014
EUR/JPY posts fourth consecutive daily decline
FXStreet (Córdoba) - FXStreet (Córdoba) - The EUR/JPY lost 90 pips on Monday and finished around 136.60, posting the lowest daily close since November 21st. The Yen was among the best performers on Monday favoured by risk aversion and rose across the board, pushing the EUR/JPY to the downside.
Downside movements started during the European session and accelerated following the ISM report in the US. The pair bottomed two hours ago at 136.35, then bounced to the upside but found resistance at 136.75.
EUR/JPY bullish long term trend losing momentum?
On January the EUR/JPY lost more than 700 pips, suffering the worst monthly decline since May 2012 and dropping for the first time in five months. Despite the retracement from 145.65/70 (2013 highs) the long term trend is still bullish.
Monday’s decline, was the fourth in a row, accumulating a loss of 410 pips in less than a week. Risk aversion amid Fed’s tapering and emerging markets fears weakened the pair.
Downside movements started during the European session and accelerated following the ISM report in the US. The pair bottomed two hours ago at 136.35, then bounced to the upside but found resistance at 136.75.
EUR/JPY bullish long term trend losing momentum?
On January the EUR/JPY lost more than 700 pips, suffering the worst monthly decline since May 2012 and dropping for the first time in five months. Despite the retracement from 145.65/70 (2013 highs) the long term trend is still bullish.
Monday’s decline, was the fourth in a row, accumulating a loss of 410 pips in less than a week. Risk aversion amid Fed’s tapering and emerging markets fears weakened the pair.