16 Jul 2013
EUR/JPY treading water above 130.50
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently quoted at 130.57, pushing against late London session weekly highs at 130.73 on the back of Euro strength, while the Nikkei index opens after a 3-day weekend above the 14600 points mark, up +0.73%.
EUR/JPY topping near 131
According to FXWW founder Sean Lee, “The potential topping formation in EUR/JPY is still relevant with tops near 131.10/20 the ones to watch.” For FX Charts analyst Jim Langlands, “The dailies are neutral and are giving little hint, but if we head back to 128, breaking rising trend support, then we are likely to have a deeper decline towards 126.50 and possibly to the first major Fibo support at 124.30 (23.6% of 94.10/133.80),” Langlands said.
EUR/JPY key technical levels
Immediate resistance to the upside for EUR/JPY shows at recent session highs 130.66, followed by mentioned late London weekly highs at 130.73, and May 20 lows at 130.86. To the downside, closest support lies at current levels as July 09 highs 130.54, followed by July 11 highs at 130.44, and July 08 highs at 130.20.
EUR/JPY topping near 131
According to FXWW founder Sean Lee, “The potential topping formation in EUR/JPY is still relevant with tops near 131.10/20 the ones to watch.” For FX Charts analyst Jim Langlands, “The dailies are neutral and are giving little hint, but if we head back to 128, breaking rising trend support, then we are likely to have a deeper decline towards 126.50 and possibly to the first major Fibo support at 124.30 (23.6% of 94.10/133.80),” Langlands said.
EUR/JPY key technical levels
Immediate resistance to the upside for EUR/JPY shows at recent session highs 130.66, followed by mentioned late London weekly highs at 130.73, and May 20 lows at 130.86. To the downside, closest support lies at current levels as July 09 highs 130.54, followed by July 11 highs at 130.44, and July 08 highs at 130.20.