FXstreet.com (Córdoba) - The Euro is falling against the Yen for the first time in more than a week. EUR/JPY rallied more than 500 pips since October 8 but is was capped at the 136.00 zone. The pair peaked at 136.05 last week posting a one month high. Currently it trades at 135.05/10, 0.40% below today's opening price. On the downside, support lies at 134.60 and below at 134.00.
According to Mohammed Isah, technical analyst at FXTechstrategy, on a wider view the pair appears to be heading higher. Isah affirms: Having maintained a third week of upside gains following its failure below its triangle bottom at 130.24 and subsequent recovery higher, the cross now looks to build on those gains with eyes on the breakout of the mentioned symmetrical triangle. If this is seen, scope for further higher prices will shape towards the 138.71 level with a loss of there paving the way for a run at the 139.26 level, its YTD high. Its weekly momentum indicators have turned higher supporting this view.