EUR/JPY intermarket: Wall Street holds the bears up just below 129 the figure

Currently, EUR/JPY is trading at 129.06, down -0.06% on the day, having posted a daily high at 129.69 and low at 128.49.

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EUR/JPY has been well lace do the bid in a recovery of the unwinding in the euro and crosses, meeting 129.47 recovery-high before meeting supply. Supply has taken the cross back below previous hourly support at 129.05 and has recently dipped under 129 the figure on the last ten-minute stick.

However, Wall Street is robust and stalling the decline with the S&P 500 taking the lead in the benchmarks with recent price action falling just shy of the European and overnight electronic trade's high of 2,448.86. USD/JPY is consolidating above the descending resistance line and holding above the key 113.20 supporting pivot level, also drawing a line in the sand in the cross.

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EUR/JPY levels

EUR/JPY has failed on its initial attempt on the the 200 week ma at 130.71 and is easing back from here, explained analysts at Commerzbank. "The market has reached the 200 week ma at 130.71 and is easing back from here. Dips lower should find that the previous May high offers initial support at 125.80, together with the 125.90 uptrend. Initial support is 128.82/95, the end of June high. Above 130.71/76 targets 134.32/61.8% of the move down from 2014."