26 Jul 2013
EUR/JPY retesting the 132.00 level
FXstreet.com (New York) - The EUR/JPY technical cross rebounded after what was a grisly close to yesterdays session, culminating in a movement that bounced off the 131.57 level (July 25 low).
In these moments, the EUR/JPY has now recovered the 132.00 barrier, testing the region and recording a gain of +0.04% above its opening during Asian trading. Technically speaking, the cross will now face upward resistance at 132.00 (200-day SMA), onto 132.21 (July 22 high), and 132.69 (July 24 high).
EUR/JPY strategic bias
The EUR/JPY is still looking bearish in the short-term, as the hourly chart shows is trading at its 55-day MA, following an earlier drop below the 132.00 level (200-day SMA). Beyond the near-term, a sustained break above the aforementioned region will help lend stability towards the pair, which found itself under siege by a resurgent JPY.”
In these moments, the EUR/JPY has now recovered the 132.00 barrier, testing the region and recording a gain of +0.04% above its opening during Asian trading. Technically speaking, the cross will now face upward resistance at 132.00 (200-day SMA), onto 132.21 (July 22 high), and 132.69 (July 24 high).
EUR/JPY strategic bias
The EUR/JPY is still looking bearish in the short-term, as the hourly chart shows is trading at its 55-day MA, following an earlier drop below the 132.00 level (200-day SMA). Beyond the near-term, a sustained break above the aforementioned region will help lend stability towards the pair, which found itself under siege by a resurgent JPY.”