6 Nov 2013
EUR/JPY starts losing; stuck at 132.60
FXstreet.com (Chicago) - EUR/JPY extends the bearish channel and stays trading around the 132.60 front after the release of the BoJ meeting minutes from the last gathering and ahead of manufacturing data in Europe.
With the BoJ minutes released, speculators spread rumors about Abe’s inability to fight inflation with accurate monetary policies.
EUR/JPY Technical Levels
Price action reveals choppy trading throughout Tuesday’s session with continuous ups and downs that extended the downward channel. Around last Friday’s lows, the pair succumbs to bearish pressure hitting the 132.60 zone at Tokyo’s opening. Offered at 132.63, the pair oscillates between the supports aligned at 132.40 (November 5th lows), 131.67 (September 28th lows) ahead of 131.10 (October 8th lows) and the resistances set at 132.79 (October 14th lows), 133.35 (November 4th highs) followed by 133.82 (October 25th lows).
With the BoJ minutes released, speculators spread rumors about Abe’s inability to fight inflation with accurate monetary policies.
EUR/JPY Technical Levels
Price action reveals choppy trading throughout Tuesday’s session with continuous ups and downs that extended the downward channel. Around last Friday’s lows, the pair succumbs to bearish pressure hitting the 132.60 zone at Tokyo’s opening. Offered at 132.63, the pair oscillates between the supports aligned at 132.40 (November 5th lows), 131.67 (September 28th lows) ahead of 131.10 (October 8th lows) and the resistances set at 132.79 (October 14th lows), 133.35 (November 4th highs) followed by 133.82 (October 25th lows).