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6 Aug 2013
EUR/JPY correcting lower
FXstreet.com (Edinburgh) -The EUR/JPY is hovering over the area of 130.25/30 on Tuesday, down from session highs in the proximity of 130.70.
EUR/JPY well supported around 129.00
The par is meandering between 129.00 and 133.00 since early July, reflecting the lack of clear direction in the single currency so far. Strategists Geoffrey Yu and Gareth Berry at UBS remain bullish on the cross, arguing, “The cross advanced after the test of critical support at 129.77. With the MACD still above the zero line, the risk is for further upside. Resistance is at 133.80”.
EUR/JPY support and resistance levels
The cross is now losing 0.01% at 130.31 and a breach of 129.81 (low Aug.6) would expose 129.38 (cloud top) and finally 129.35 (low Jul.31). On the upside, the next hurdle aligns at 130.72 (high Aug.6) followed by 130.91 (Tenkan Sen line) and then 1.31.55 (high Aug.5).
EUR/JPY well supported around 129.00
The par is meandering between 129.00 and 133.00 since early July, reflecting the lack of clear direction in the single currency so far. Strategists Geoffrey Yu and Gareth Berry at UBS remain bullish on the cross, arguing, “The cross advanced after the test of critical support at 129.77. With the MACD still above the zero line, the risk is for further upside. Resistance is at 133.80”.
EUR/JPY support and resistance levels
The cross is now losing 0.01% at 130.31 and a breach of 129.81 (low Aug.6) would expose 129.38 (cloud top) and finally 129.35 (low Jul.31). On the upside, the next hurdle aligns at 130.72 (high Aug.6) followed by 130.91 (Tenkan Sen line) and then 1.31.55 (high Aug.5).