27 Jun 2013
EUR/JPY remains below 128.00
Fxstreet.com (Edinburgh) - The renewed strength of the Japanese yen is now drifting the EUR/JPY to the area of 127.80 after hitting intraday highs above 128.00 the figure.
EUR/JPY looks for events in the euro area
The bearishness surrounding the shared currency has been weighting on the cross since the beginning of the week, dragging the cross from Monday’s peaks above the key resistance at 129.00. In the view of I.Spivak, Currency Strategist at DailyFX, “Prices are edging lower as expected after putting a bearish Evening Star candlestick pattern below falling trend line resistance set from late May. The first major layer of support from here is seen at 124.95, the April 16 low. Near-term resistance is seen at 128.42, the 23.6% Fibonacci expansion, followed by the trend line at 129.13”.
EUR/JPY key levels
As of writing the pair is up 0.57% at 127.88 with the next resistance at 128.07 (high Jun.27) ahead of 128.43 (high Jun.26) and finally 128.67 (high Jun.25). On the flip side, a break below 127.08 (low Jun.27) would bring the psychological level at 127.00 ahead of 126.57 (low Jun.26).
EUR/JPY looks for events in the euro area
The bearishness surrounding the shared currency has been weighting on the cross since the beginning of the week, dragging the cross from Monday’s peaks above the key resistance at 129.00. In the view of I.Spivak, Currency Strategist at DailyFX, “Prices are edging lower as expected after putting a bearish Evening Star candlestick pattern below falling trend line resistance set from late May. The first major layer of support from here is seen at 124.95, the April 16 low. Near-term resistance is seen at 128.42, the 23.6% Fibonacci expansion, followed by the trend line at 129.13”.
EUR/JPY key levels
As of writing the pair is up 0.57% at 127.88 with the next resistance at 128.07 (high Jun.27) ahead of 128.43 (high Jun.26) and finally 128.67 (high Jun.25). On the flip side, a break below 127.08 (low Jun.27) would bring the psychological level at 127.00 ahead of 126.57 (low Jun.26).