EUR/JPY well offered below 131.50

FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading at 131.27 near session highs, but still below NY session and yesterday's Asian session weekly highs at 131.40/49, up +1.1% for the week so far, mostly on the back of Yen weakness and Nikkei surging more than +4%.

EUR/JPY unlikely to go higher ahead of NFP

“Intraday unchanged, the EUR/JPY was unable to extend beyond 131.50 static resistance level, finding however buyers in the 130.60 area now immediate support,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows indicators heading lower right below their midlines, as price struggles around a flat 200 SMA, leaving a neutral picture from a technical perspective. In the 4 hours chart indicators stands in positive territory, although losing upward potential: price needs to accelerate beyond recent highs around mentioned 131.50 level, to confirm a new leg higher, and seems unlikely to see such yen weakness ahead of NFP report next Friday.”

EUR/JPY key technical levels

Bednarik finds support levels at: 130.60, 130.20 and 129.80, while resistance levels at: 131.50, 132.00 and 132.40.