28 Jul 2014
EUR/JPY moves off 5-month lows
FXStreet (Córdoba) - The EUR/JPY rose 20 pips to hit fresh daily highs during the European session and it is among the most active crosses in the FX market.
The EUR/JPY found support at the 136.60 area and bounced to reach a high of 136.88, yet it remains trapped in a narrow range in a low volatility environment exacerbated by summer season.
From a wider perspective, the EUR/JPY has been retreating since early April, having lost more than 700 pips ever since as the shared currency remains pressured by the ECB stance. The pair bottomed out at 136.35 last week, scoring its lowest level since February.
EUR/JPY technical levels
At time of writing, the pair is trading at 136.85, 0.12% above its opening price, with immediate resistances seen at 137.02 (10-day SMA), 137.24 (Jul 25 high) and 137.53 (Jul 17 high). On the flip side, supports could be found at 136.35 (Jul 24 low), 136.22 (Feb 4 low) and 136.01 (Nov 22 low).
The EUR/JPY found support at the 136.60 area and bounced to reach a high of 136.88, yet it remains trapped in a narrow range in a low volatility environment exacerbated by summer season.
From a wider perspective, the EUR/JPY has been retreating since early April, having lost more than 700 pips ever since as the shared currency remains pressured by the ECB stance. The pair bottomed out at 136.35 last week, scoring its lowest level since February.
EUR/JPY technical levels
At time of writing, the pair is trading at 136.85, 0.12% above its opening price, with immediate resistances seen at 137.02 (10-day SMA), 137.24 (Jul 25 high) and 137.53 (Jul 17 high). On the flip side, supports could be found at 136.35 (Jul 24 low), 136.22 (Feb 4 low) and 136.01 (Nov 22 low).