OctaFX | OctaFX Forex Broker
Open trading account
Back

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.

Session Recap: The USD cedes as JPY holds

The Greenback traded lower on Monday against its majors competitors as the Japanese Yen performed as catalyst while it was holding levels. "Still not sure if we can call a bottom," points FXstreet.com analyst Valeria Bednarik.
Read more Previous

Flash: RBA minutes might not draw much reaction - NAB

The RBA releases its May Board minutes today at 1.30GMT, when a surprising decision to cut rates to record lows was taken. This is a relevant event for AUD traders as it provides clues about the economy and outlook.
Read more Next
Start livechat