9 Aug 2013
EUR/JPY stalling below the 129.50 previous week support
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading at 129.40, off recent session highs at 129.59 printed on the back of Yen weakness, with Nikkei index opening above the 13600 points up +0.59% for the last trading day of the week.
EUR/JPY may see some upward impulse
“The EUR/JPY bounced some and stands above 129.16, far from recovering the ground lost over this week; the hourly chart shows indicators aiming higher above their midlines, although moving averages remain above current price, capping the upside at 129.80 and 130.30” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart indicators head north reentering from oversold territory, suggesting some upward limited corrective movement. Daily chart finally, shows price back above its 100 SMA, currently around 128.80: as long as above it, price may see some upward impulse, yet if below, bears will likely push it back towards the 128.00 mark.”
EUR/JPY key technical levels
Bednarik finds support levels at: 128.80, 128.40 and 128.00, while resistance levels at: 129.80, 130.30 and 130.80.
EUR/JPY may see some upward impulse
“The EUR/JPY bounced some and stands above 129.16, far from recovering the ground lost over this week; the hourly chart shows indicators aiming higher above their midlines, although moving averages remain above current price, capping the upside at 129.80 and 130.30” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart indicators head north reentering from oversold territory, suggesting some upward limited corrective movement. Daily chart finally, shows price back above its 100 SMA, currently around 128.80: as long as above it, price may see some upward impulse, yet if below, bears will likely push it back towards the 128.00 mark.”
EUR/JPY key technical levels
Bednarik finds support levels at: 128.80, 128.40 and 128.00, while resistance levels at: 129.80, 130.30 and 130.80.