10 Jul 2013
EUR/JPY unchanged above 129.00
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is last trading at 129.24, off session highs at 129.34, while Nikkei index is above the 14500 points mark, up +0.4%.
EUR/JPY further downward movements ahead
The EUR/JPY trades “now below 100 and 200 SMAs in the hourly chart both converging around 128.80 and short term resistance,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Indicators head south in the mentioned time frame, as well as in the 4 hours chart which suggest further downward movements ahead, although limited as both currencies remain weak, giving a longer term neutral stance to the pair.”
EUR/JPY key technical levels
Bednarik sees support levels at: 129.10, 128.70 and 128.20, while resistance levels at: 129.50, 130.10 and 130.50.
EUR/JPY further downward movements ahead
The EUR/JPY trades “now below 100 and 200 SMAs in the hourly chart both converging around 128.80 and short term resistance,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Indicators head south in the mentioned time frame, as well as in the 4 hours chart which suggest further downward movements ahead, although limited as both currencies remain weak, giving a longer term neutral stance to the pair.”
EUR/JPY key technical levels
Bednarik sees support levels at: 129.10, 128.70 and 128.20, while resistance levels at: 129.50, 130.10 and 130.50.