EUR/JPY still hanging above 131.00

FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading near recent daily lows last at 131.25, unchanged from yesterday's Asia-Pacific early session lows by the Tokyo open, pressed to the downside on Yen strength.

EUR/JPY unable to bounce from support

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the EUR/JPY cross found “short term support around its 1 hour SMA, around 131.20 immediate support. Price however seems unable to bounce from the support, adding to the negative tone coming from indicators. Price needs to accelerate however below the 131.00 level to confirm a downward continuation for the upcoming hours, eyeing then 130.20 price zone.”

EUR/JPY key technical levels

Bednarik spots support levels at 130.90, 130.20 and 129.80, while resistance levels at: 131.80, 132.25 and 132.90.