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23 Jun 2015
EUR/JPY eyes 139
FXStreet (Mumbai) - EUR/JPY witnessed steep losses in the European morning, halting its 2-day rally, largely undermined by broad euro sell-off after Greek talks failed at Euro group meeting on Monday while the latest comments from Goldman Sachs added fuel to the downside.
EUR/JPY rejected at 140.03
Currently, the EUR/JPY pair trades -0.54% lower at 139.18, hovering close to fresh session lows at 139.11 gains. The cross in EUR/JPY dropped nearly 90 pips largely on broad based euro weakness. The shared currency was heavily offered against its major peers after yesterday’s Euro group meeting failed to deliver any conclusive results over Greek debt repayments ahead of June 30 deadline.
More so, Goldman Sachs comments on EUR/USD further contributed to the downslide. Gold man Sachs said earlier on Tuesday that the European Central Bank’s (ECB) quantitative easing program will send the currency toward parity against the greenback, even in the event of a debt deal for Greece.
On the other hand, the downside remains cushioned on the back of a weaker yen versus the US dollar as traders favour the buck ahead of a batch of crucial US economic data.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 140.03 (Today’s High) levels and above which it could extend gains 140.50 levels. To the downside immediate support might be located at 139 below that at 138.62 (June 17 Low) levels.
EUR/JPY rejected at 140.03
Currently, the EUR/JPY pair trades -0.54% lower at 139.18, hovering close to fresh session lows at 139.11 gains. The cross in EUR/JPY dropped nearly 90 pips largely on broad based euro weakness. The shared currency was heavily offered against its major peers after yesterday’s Euro group meeting failed to deliver any conclusive results over Greek debt repayments ahead of June 30 deadline.
More so, Goldman Sachs comments on EUR/USD further contributed to the downslide. Gold man Sachs said earlier on Tuesday that the European Central Bank’s (ECB) quantitative easing program will send the currency toward parity against the greenback, even in the event of a debt deal for Greece.
On the other hand, the downside remains cushioned on the back of a weaker yen versus the US dollar as traders favour the buck ahead of a batch of crucial US economic data.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 140.03 (Today’s High) levels and above which it could extend gains 140.50 levels. To the downside immediate support might be located at 139 below that at 138.62 (June 17 Low) levels.