30 Oct 2013
EUR/JPY struggles to step on 135 territories
FXstreet.com (Chicago) - EUR/JPY seems to find grounds breaking bearish channel after session highs retracement ahead of Tokyo’s opening.
Perspective
According to Valeria Bednarik, analyst from FXstreet.com, “the EUR/JPY advanced up to 135.15 posting a higher high daily basis, although barely positive intraday. In the hourly chart, technical indicators look a bit exhausted to the upside, suggesting some downward potential ahead in the short term. Moving averages in the mentioned time frame stand below current price, with 100 one offering short term support around 134.40 today. In bigger time frames technical readings stand in positive territory, which for now should keep slides limited.” Market participants expect industrial production data in Japan ahead of important German data due later along unemployment and consumer price indexes in Europe.
EUR/JPY Technical Levels
According to the FXstreet.com trend index, the pair is ascending gradually aiming to get and consolidate above the 135 front. Offered at 134.98, the pair oscillates between the supports aligned at 134.79 (October 27th highs), 134.47 (October 24th highs) ahead of 134.20 (October 17th highs) and the resistances set at 135.20 (October 22ns highs), 135.50 (October 21st highs) followed by 136 (July 14th 2009 highs).
Perspective
According to Valeria Bednarik, analyst from FXstreet.com, “the EUR/JPY advanced up to 135.15 posting a higher high daily basis, although barely positive intraday. In the hourly chart, technical indicators look a bit exhausted to the upside, suggesting some downward potential ahead in the short term. Moving averages in the mentioned time frame stand below current price, with 100 one offering short term support around 134.40 today. In bigger time frames technical readings stand in positive territory, which for now should keep slides limited.” Market participants expect industrial production data in Japan ahead of important German data due later along unemployment and consumer price indexes in Europe.
EUR/JPY Technical Levels
According to the FXstreet.com trend index, the pair is ascending gradually aiming to get and consolidate above the 135 front. Offered at 134.98, the pair oscillates between the supports aligned at 134.79 (October 27th highs), 134.47 (October 24th highs) ahead of 134.20 (October 17th highs) and the resistances set at 135.20 (October 22ns highs), 135.50 (October 21st highs) followed by 136 (July 14th 2009 highs).