14 Oct 2013
EUR/JPY can’t break through 133.22 limits for good
FXstreet.com (Chicago) - EUR/JPY opened with downward gap on yen’s strengthening potentially due to the irresolution of the US political crisis.
Data due
Japanese markets are closed today due to holiday and Europe prepares for the Eurogroup meeting along industrial production results due later at night.
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 133.21 and oscillates between supports aligned at 133 (October 3rd highs), 132.67 (October 4th highs), 132.22 (October 9th highs) and very close to the immediate resistance at 133.22 (October 11th lows) that if broken will face 133.51 (October 11th highs) ahead of 133.91 (September 26th highs). Extending the upward trendline since last October 9th but failing to maintain it on downward gap at opening, the pair remains suspended.
Valeria Bednarik, analyst from FXstreet.com states the “yen sees some strength against most rivals after being under strong pressure over the past few days, although EUR/JPY holds steady above the 133.00 level. Technically, the hourly chart shows moving averages converging well below current price in the 132.20 area, while indicators head north approaching their midlines, still not giving clear bearish signs. In the 4 hours chart indicators head higher in positive territory, leaving little room for falls, beside maybe some short term corrections; the level to watch is the 132.40/60 area as buyers should surge if the level is tested.”
Data due
Japanese markets are closed today due to holiday and Europe prepares for the Eurogroup meeting along industrial production results due later at night.
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 133.21 and oscillates between supports aligned at 133 (October 3rd highs), 132.67 (October 4th highs), 132.22 (October 9th highs) and very close to the immediate resistance at 133.22 (October 11th lows) that if broken will face 133.51 (October 11th highs) ahead of 133.91 (September 26th highs). Extending the upward trendline since last October 9th but failing to maintain it on downward gap at opening, the pair remains suspended.
Valeria Bednarik, analyst from FXstreet.com states the “yen sees some strength against most rivals after being under strong pressure over the past few days, although EUR/JPY holds steady above the 133.00 level. Technically, the hourly chart shows moving averages converging well below current price in the 132.20 area, while indicators head north approaching their midlines, still not giving clear bearish signs. In the 4 hours chart indicators head higher in positive territory, leaving little room for falls, beside maybe some short term corrections; the level to watch is the 132.40/60 area as buyers should surge if the level is tested.”