7 Aug 2013
EUR/JPY plummets on massive Yen strength
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading at 129.50, off fresh session and 3-week lows at 129.28, following a massive break down also in USD/JPY on Yen strength, with Nikkei futures pointing for a negative open in Tokyo.
EUR/JPY not much to be bullish about
“EUR/JPY keeps the pressure for now,” said the FXMarketAlerts Team, adding: “Next key level at 129.30 is not far off and that is the level to watch for any momentum if it breaks. Not much to be bullish about unless the market can reclaim the 131-handle and more specifically get above 131.06.”
EUR/JPY key technical levels
Immediate support to the downside for EUR/JPY lies at recent session/July 31 lows 129.33/27, followed by July 12 lows at 128.88, and July 11 lows at 128.63. To the upside, closest resistance shows at current levels as July 29 lows 129.57, followed by yesterday's lows at 129.78, and Aug 01 lows at 129.92.
EUR/JPY not much to be bullish about
“EUR/JPY keeps the pressure for now,” said the FXMarketAlerts Team, adding: “Next key level at 129.30 is not far off and that is the level to watch for any momentum if it breaks. Not much to be bullish about unless the market can reclaim the 131-handle and more specifically get above 131.06.”
EUR/JPY key technical levels
Immediate support to the downside for EUR/JPY lies at recent session/July 31 lows 129.33/27, followed by July 12 lows at 128.88, and July 11 lows at 128.63. To the upside, closest resistance shows at current levels as July 29 lows 129.57, followed by yesterday's lows at 129.78, and Aug 01 lows at 129.92.