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EUR/JPY holding below 132.00 as Yen strengthens

FXstreet.com (Barcelona) - EUR/JPY is last at 131.77, near session lows, and -0.62% lower for the week so far, mostly on the back of a stronger Yen, even though Euro has also been stronger than USD. The cross has managed to recover from yesterday's massive selling off in early Asia-Pacific trade, following Japan FinMin Amari words on Yen, reaching a fresh weekly low at 130.89.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the EUR/JPY has found “short term support in its hourly 200 SMA, currently around 131.60,” the analyst says, adding: “Having been unable to fill the opening gap around 132.45, technical readings in the mentioned time frame turned neutral, as indicators hover around their midlines while price stands around a flat 100 SMA, giving not much clues on next direction.”

“Risk of a stronger slide however, increases on a break below 131.00/10 area, with scope then to test major support around 128.80 over the upcoming sessions,” she expands.

Valeria finds support levels at: 131.60, 131.10 and 130.40, while resistance levels at: 132.00, 132.40 and 132.90.

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