1 Jul 2013
EUR/JPY treading water above 129.00
FXstreet.com (Barcelona) - EUR/JPY is last trading at 129.16, slightly higher from previous weekly close Friday on the back of combined Yen weakness while Euro staying flat ahead of key risk event of the day for Yen in the form of Japan Tankan index at 23:50 GMT.
Volatility probably to pick up
With Yen being the weakest currency among majors last week, EUR/JPY is still down -1.11% in last 30 days, but up +13.3% year to date. Despite declining volatility in the cross in last 2 weeks, given US jobs data and ECB meeting later on in the week, odds are for an increase of volatility again as the time gets closer.
Key technical levels
Immediate resistance to the upside for EUR/JPY shows at recent session/June 24 highs 120.24, followed by Friday's/June 21 highs at 129.65/71, and June 20 highs at 129.90. To the downside, closest support lies at June 19/25 highs 128.78/70, followed by June 26 highs at 128.45, and June 18 highs at 128.09.
Volatility probably to pick up
With Yen being the weakest currency among majors last week, EUR/JPY is still down -1.11% in last 30 days, but up +13.3% year to date. Despite declining volatility in the cross in last 2 weeks, given US jobs data and ECB meeting later on in the week, odds are for an increase of volatility again as the time gets closer.
Key technical levels
Immediate resistance to the upside for EUR/JPY shows at recent session/June 24 highs 120.24, followed by Friday's/June 21 highs at 129.65/71, and June 20 highs at 129.90. To the downside, closest support lies at June 19/25 highs 128.78/70, followed by June 26 highs at 128.45, and June 18 highs at 128.09.