The Euro moved lower against the Japanese yen recently and tested the 140.0 support area. There is a possibility that the EURJPY pair might correct a bit higher from the current levels. However, the upside might be limited considering the fact that there is a monster resistance around the 140.50-60 area. There is no release in the Euro area, so we might not witness much action in the Euro pairs. We need to see whether the pair might correct higher or not and can it break the stated resistance area. The Japanese yen gained a lot against the Euro and the British pound recently, but upside might be limited moving ahead. There is an important bearish trend line formed on the hourly chart of the EURJPY pair, which is likely to act as a catalyst in the near term. The pair has formed a minor double bottom pattern on the hourly chart, which might take the pair a bit higher. However, the highlighted trend line is a major barrier for the EURJPY pair. A close above the same might call for more gains in the pair. If it breaks higher, then a test of the 100 hour simple moving average is possible, which is sitting around the 61.8% fib retracement level of the last leg from the 141.72 high to 140.01 low. If the EURJPY pair fails to trade higher and move lower, then a break below the last low of 140.00 level could ignite sharp losses in the pair in the near term. Overall, one might consider buying with a break above the stated trend line as long as the pair is trading above the last low. ————————————- Posted By Simon Ji of IKOFX Guest Guest View All Post By Guest Forex News Today: Daily Trading News share Read Next What is behind the strength of the NZD? Guest 8 years The Euro moved lower against the Japanese yen recently and tested the 140.0 support area. There is a possibility that the EURJPY pair might correct a bit higher from the current levels. However, the upside might be limited considering the fact that there is a monster resistance around the 140.50-60 area. There is no release in the Euro area, so we might not witness much action in the Euro pairs. We need to see whether the pair might correct higher or not and can it break the stated resistance area. The Japanese yen gained a lot against the Euro and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.