7 Nov 2013
EUR/JPY flirts with 133.35 resistance
FXstreet.com (Chicago) - EUR/JPY is trading very close to immediate resistance ahead of Tokyo’s opening after finding grounds post retracement from the 133.60 zone.
According to Valeria Bednarik, FXstreet.com analyst, “yen crosses popped up past Asian session, following PM Kuroda’s offer of additional monetary stimulus if the recovery path is threatened by external risks, in a conference in Osaka. The EUR/JPY reached 133.71 weakly high, maintaining a positive tone ahead of US close. The hourly chart shows indicators above their midlines, lacking direction at this time of the day while price stands between 100 and 200 SMAs, this last offering dynamic intraday resistance around 134.00. ECB on hold stance may push EUR higher, but a negative US GDP reading will likely weight more in the pair, sending yen up against most rivals, favoring another ride towards 132.40 price zone.”
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 133.33 and oscillates between the supports aligned at 132.79 (November 1st lows), 132.40 (November 4th lows) followed by 131.67 (September 28th lows) and the resistances set at 133.35 (November 4th highs), 133.82 (October 25th lows) ahead of 134.29 (October 29th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and flows above the EMA20.
According to Valeria Bednarik, FXstreet.com analyst, “yen crosses popped up past Asian session, following PM Kuroda’s offer of additional monetary stimulus if the recovery path is threatened by external risks, in a conference in Osaka. The EUR/JPY reached 133.71 weakly high, maintaining a positive tone ahead of US close. The hourly chart shows indicators above their midlines, lacking direction at this time of the day while price stands between 100 and 200 SMAs, this last offering dynamic intraday resistance around 134.00. ECB on hold stance may push EUR higher, but a negative US GDP reading will likely weight more in the pair, sending yen up against most rivals, favoring another ride towards 132.40 price zone.”
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 133.33 and oscillates between the supports aligned at 132.79 (November 1st lows), 132.40 (November 4th lows) followed by 131.67 (September 28th lows) and the resistances set at 133.35 (November 4th highs), 133.82 (October 25th lows) ahead of 134.29 (October 29th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and flows above the EMA20.