HomeContributorsTechnical AnalysisEUR/JPY Struggles for Support

EUR/JPY Struggles for Support

The Japanese yen rallied on rumours that the BOJ would review the side effects of its monetary easing. The pair turned south after it failed to lift offers at the daily resistance 142.85. A drop below 141.80 prompted buyers to bail out, extending losses to previous swing lows around 140.00. A tentative break below this psychological level would indicate that the path of least resistance is down and cause a retest of 138.00. The RSI’s oversold condition may attract some buying interest, with 140.50 as the first resistance.

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