It’s been hanging on but it’s gone at last and we’ve tripped large stops down to 139.72. It’s a broad theme as USD/JPY slides through 102 to 101.95 and GBP/JPY has hit a low of 171.83.
As is the theme with the euro pairs of late the bounces have been weak and the sellers are still happy to come in while the bulls crumble.
EUR/JPY daily chart 14 05 2014
Resistance will no doubt be seen at the broken level at 139.90/00 and more strength will be added to resistance at the 100 & 55 dma’s at 141.15/36.
The next band of support comes via bids at 139.50 with another set of stops on a break. 139.16 is tech support and there are some smaller bids and stops there too, traders report.
