5 Sep 2013
EUR/JPY conquers 131.50 bids but still weighed on weak Euro
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading at 131.63 near session lows retracing from fresh 1-week highs printed at 131.82 by mid-late NY session mostly on the back of Yen weakness, ahead of later on BoJ meeting.
EUR/JPY upside favored in the short term
“Yen crosses surged with the EUR/JPY breaking above previous highs around 131.50 and holding to its recent gains,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows price retracing some ground as indicators also turn lower in positive territory, with moving averages converging and offering dynamic support around 130.70. In the short term the upside is favored, as local share markets will likely stay in bid mode today.”
EUR/JPY key technical levels
Bednarik finds support levels at: 131.10, 130.60 and 130.00, while resistance levels at: 131.90, 132.40 and 133.00.
EUR/JPY upside favored in the short term
“Yen crosses surged with the EUR/JPY breaking above previous highs around 131.50 and holding to its recent gains,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows price retracing some ground as indicators also turn lower in positive territory, with moving averages converging and offering dynamic support around 130.70. In the short term the upside is favored, as local share markets will likely stay in bid mode today.”
EUR/JPY key technical levels
Bednarik finds support levels at: 131.10, 130.60 and 130.00, while resistance levels at: 131.90, 132.40 and 133.00.