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14 Aug 2013
EUR/JPY gathering sellers bellow 130.50
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading at 130.23, off recent session lows at 130.11, while capped below session highs and late London weekly highs at 130.36/46, a +1.44% higher for the week so far despite recent Euro weakness given Yen has been much weaker than Euro.
EUR/JPY upside supported
“Yen weakness was the main theme this Tuesday, following a report on corporate taxes cut past Asian session, leading to a strong advance in EUR/JPY that however halted around former strong resistance area around 130.50,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “As a new day is about to start, the hourly chart shows price back above 100 and 200 SMAs, with the latest offering dynamic support around 129.70. In bigger time frames technical readings also support the upside, yet a break above mentioned resistance is required to confirm and upward continuation today."
EUR/JPY key technical levels
Bednarik finds support levels at: 129.70, 129.30 and 128.80, while resistance levels at: 130.50, 131.00 and 131.45.
EUR/JPY upside supported
“Yen weakness was the main theme this Tuesday, following a report on corporate taxes cut past Asian session, leading to a strong advance in EUR/JPY that however halted around former strong resistance area around 130.50,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “As a new day is about to start, the hourly chart shows price back above 100 and 200 SMAs, with the latest offering dynamic support around 129.70. In bigger time frames technical readings also support the upside, yet a break above mentioned resistance is required to confirm and upward continuation today."
EUR/JPY key technical levels
Bednarik finds support levels at: 129.70, 129.30 and 128.80, while resistance levels at: 130.50, 131.00 and 131.45.