2 Jul 2013
EUR/JPY testing 130 round bids
FXstreet.com (Barcelona) - The EUR/JPY cross exchange rate is last trading at fresh session lows slightly below the 130 round mark, off recent session and fresh 3-week highs at 130.27, in the back of current Yen strength from previous short positions profit taking.
The 130 mark as important level for bulls
“Break above the 130.00 level triggers further strength to reach 130.27 high so far,” said the FXMarketAlerts Team, adding: “Higher see strong resistance at the 130.66 and 131.12, Apr highs. The stretched near-term tools caution a pullback with support now at 128.90/85 area. Break here needed to trigger stronger pullback to 128.45 then the 127.50/30 area.”
Key technical levels
Immediate support to the downside for EUR/JPY lies at recent session lows/June 20 highs 129.90, followed by June 21/28 highs at 129.68, and June 24 highs at 129.24. To the upside, closest resistance shows at mentioned recent session/3-week highs 130.27/30, followed by May 06/08 highs at 130.40, and June 06 highs at 130.75.
The 130 mark as important level for bulls
“Break above the 130.00 level triggers further strength to reach 130.27 high so far,” said the FXMarketAlerts Team, adding: “Higher see strong resistance at the 130.66 and 131.12, Apr highs. The stretched near-term tools caution a pullback with support now at 128.90/85 area. Break here needed to trigger stronger pullback to 128.45 then the 127.50/30 area.”
Key technical levels
Immediate support to the downside for EUR/JPY lies at recent session lows/June 20 highs 129.90, followed by June 21/28 highs at 129.68, and June 24 highs at 129.24. To the upside, closest resistance shows at mentioned recent session/3-week highs 130.27/30, followed by May 06/08 highs at 130.40, and June 06 highs at 130.75.