5 Nov 2013
EUR/JPY stalls at 133.20 on neutral EMA20
FXstreet.com (Chicago) - EUR/JPY strengthens against the yen consolidating last week’s reversal from 132.60 lows.
With an upward trendline intact (last October 31st), the pair stalls around the 133.30 zone but prints higher highs and lows at Tokyo’s opening. According to FXstreet.com analyst, Valeria Bednarik, “the EUR/JPY also traded mostly unchanged trapped in a 50 pips range all day long, and leaving hourly indicators flat around their midlines. However dormant yen strength favors the downside, particularly with US data later this week. In the same time frame, moving averages stand above current price, and heading lower, with 100 one acting as resistance around 133.90. In the 4 hours chart indicators corrected oversold readings but hold in negative territory, far from suggesting further price advances.”
EUR/JPY Technical Levels
Technically speaking, the pair is trading at 133.28, the pair oscillates between the supports aligned at 132.86 (November 1st lows), 132.63 (October 31st lows) ahead of 132.20 (October 8th highs) and the resistances set at 133.57 (October 23rd lows), 133.88 (October 25th lows) followed by 134.18 (October 17th highs). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis on a neutral EMA20.
With an upward trendline intact (last October 31st), the pair stalls around the 133.30 zone but prints higher highs and lows at Tokyo’s opening. According to FXstreet.com analyst, Valeria Bednarik, “the EUR/JPY also traded mostly unchanged trapped in a 50 pips range all day long, and leaving hourly indicators flat around their midlines. However dormant yen strength favors the downside, particularly with US data later this week. In the same time frame, moving averages stand above current price, and heading lower, with 100 one acting as resistance around 133.90. In the 4 hours chart indicators corrected oversold readings but hold in negative territory, far from suggesting further price advances.”
EUR/JPY Technical Levels
Technically speaking, the pair is trading at 133.28, the pair oscillates between the supports aligned at 132.86 (November 1st lows), 132.63 (October 31st lows) ahead of 132.20 (October 8th highs) and the resistances set at 133.57 (October 23rd lows), 133.88 (October 25th lows) followed by 134.18 (October 17th highs). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis on a neutral EMA20.