EUR/JPY decline stopped at 134.00; back to 134.50

FXStreet (San Francisco) - The EUR/JPY fell 130 pips from 135.30 in the American session following European headlines on Greece; however the pair bottomed at 134.00 where it found buyers that sent it back to test 134.50 area.

According to FXStreet chief analyst Valeria Bednarik, "the Asian currency got an extra boost after no deal was reached in Europe, accelerating to a fresh 2-week high." Bednarik comments that "EUR/JPY pair 1 hour chart shows that the price fell as low as 133.99 before recovering some, but remains well below its moving averages, while the technical indicators stand in oversold territory."

EUR/JPY levels

If the pair extends rebound, it will find next resistances at 134.50, 134.80 and 135.00. To the downside, supports are at 134.00, 133.70 and 132.70.