EUR/JPY may lose support at 137.70

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27-06-2014 08:26

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Following a raft of mixed Japanese data, the yen extended its weakness against its major peers and while USD/JPY has been trading at 1-month low, the EUR/JPY failed at its 200-day moving average, at 139.01, selling off aggressively in reaction, according to Karen Jones, technical analyst at Commerzbank.

"The market appears to be ready to take out the 137.70 recent low."

José María Rodríguez, analyst at fxmania coincides with her view and signals that should the cross break through this level, then it would carve out another lower low. Both, Jones and Rodríguez believe that such a scenario could trigger a slide towards the February lows of 136.25.

Jones also noted that the market will remain directly offered below 139.01.

NJ

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