3 Sep 2013
EUR/JPY sellers gather around the 131.50 level
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading at 131.27 off recent session highs at 131.49 with Nikkei index surging more than +2.26%.
EUR/JPY favoring some upward continuation
“Yen weakness was the main theme of this week start, with yen crosses surging strongly on stocks recovery, and EUR/JPY reaching 131.50 resistance area before halting the run,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “As for the technical picture, the hourly chat shows indicators correcting extreme oversold readings and 200 SMA providing short term support around 130.80 in the hourly chart, favoring some upward continuation if the level holds. In the 4 hours chart technical readings also support the upside, with a break above afore mentioned resistance signaling a probable approach to the 132.40 price zone.”
EUR/JPY key technical levels
Bednarik finds support levels at: 130.80, 130.20 and 129.80, while resistance levels at: 131.50, 132.00 and 132.40.
EUR/JPY favoring some upward continuation
“Yen weakness was the main theme of this week start, with yen crosses surging strongly on stocks recovery, and EUR/JPY reaching 131.50 resistance area before halting the run,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “As for the technical picture, the hourly chat shows indicators correcting extreme oversold readings and 200 SMA providing short term support around 130.80 in the hourly chart, favoring some upward continuation if the level holds. In the 4 hours chart technical readings also support the upside, with a break above afore mentioned resistance signaling a probable approach to the 132.40 price zone.”
EUR/JPY key technical levels
Bednarik finds support levels at: 130.80, 130.20 and 129.80, while resistance levels at: 131.50, 132.00 and 132.40.