Back
7 Oct 2013
EUR/JPY walks on thin ropes below 132
FXstreet.com (Chicago) - EUR/JPY fell to 131.83 session lows ahead of Tokyo’s opening and Japanese data. A stronger yen across the board potentially due to the US political shutdown that continues sends the euro backwards ahead of Japanese and Euro-zone data releases later in the day.
Valeria Bednarik, FXstreet.com Chief Analyst explains that the “Yen advances further against most rivals, with the EUR/JPY trading near Friday’s low and the hourly chart maintaining the negative tone seen although past week: indicators retreat below their midlines, heading back south in negative territory, while moving averages present strong bearish slopes well above current price. Bigger time frames also present a negative technical outlook that supports a retest of 131.00, past week low for today.”
EUR/JPY Technical Levels
With primary and secondary trends diverging in terms of price action, the short-term matches the latter finding grounds around the 131.83 session lows zone. Giving in the 132 key psychological zone, the pair attempts to erase losses and presses higher minutes away of Tokyo’s opening. Offered at 131.97, the pair oscillates between supports aligned at 131.86 (September 18th lows), 131.42 (October 3rd lows) ahead of 131 (September 8th lows) and the resistances at 132.25 (October 1st lows), 132.62 (September 24th lows) and 133.35 (September 11th highs). Reported as strongly bearish by the FXstreet.com 1-hour timeframe analysis, the EMA20 is above the current pair’s price.
Valeria Bednarik, FXstreet.com Chief Analyst explains that the “Yen advances further against most rivals, with the EUR/JPY trading near Friday’s low and the hourly chart maintaining the negative tone seen although past week: indicators retreat below their midlines, heading back south in negative territory, while moving averages present strong bearish slopes well above current price. Bigger time frames also present a negative technical outlook that supports a retest of 131.00, past week low for today.”
EUR/JPY Technical Levels
With primary and secondary trends diverging in terms of price action, the short-term matches the latter finding grounds around the 131.83 session lows zone. Giving in the 132 key psychological zone, the pair attempts to erase losses and presses higher minutes away of Tokyo’s opening. Offered at 131.97, the pair oscillates between supports aligned at 131.86 (September 18th lows), 131.42 (October 3rd lows) ahead of 131 (September 8th lows) and the resistances at 132.25 (October 1st lows), 132.62 (September 24th lows) and 133.35 (September 11th highs). Reported as strongly bearish by the FXstreet.com 1-hour timeframe analysis, the EMA20 is above the current pair’s price.