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5 Jul 2013
EUR/JPY capped below 129.50
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is last trading at 129.39, off recent session highs at 129.49, printed in the back of current Yen weakness.
EUR/JPY technical outlook quite bearish
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the EUR/JPY found support at the 128.80 level as “200 SMA in the hourly chart, where the bleeding halted,” Bednarik said. “However, bounces had remained shy, and the technical outlook is quite bearish for the pair, as hourly indicators retrace from below their midlines and head back south. Lose of mentioned support should favor an approach towards the 128.00 area, while recoveries up to 130.00 will be seen as selling opportunities today,” she added.
EUR/JPY key technical levels
Bednarik locates support levels at: 129.50, 129.10 and 128.80, while resistance levels at: 130.10, 130.50 and 131.00.
EUR/JPY technical outlook quite bearish
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the EUR/JPY found support at the 128.80 level as “200 SMA in the hourly chart, where the bleeding halted,” Bednarik said. “However, bounces had remained shy, and the technical outlook is quite bearish for the pair, as hourly indicators retrace from below their midlines and head back south. Lose of mentioned support should favor an approach towards the 128.00 area, while recoveries up to 130.00 will be seen as selling opportunities today,” she added.
EUR/JPY key technical levels
Bednarik locates support levels at: 129.50, 129.10 and 128.80, while resistance levels at: 130.10, 130.50 and 131.00.