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EUR/JPY goes wild just to end about flat for the week

FXstreet.com (Barcelona) - EUR/JPY is last near session highs at 132.67, about flat for the week, off fresh 3-year highs at 133.80, highest since early Jan 2010. The cross jumped to mentioned highs on the back of strong Euro and weak Yen at the same time following Fed Bernanke's comments, but soon eased on USD and Yen strength as EUR/USD was dumped to 2-day lows.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, “the hourly chart shows a strong bearish momentum coming from technical readings, but price finding support in the convergence of 100 and 200 SMAs around 132.00,” the analyst says, adding: “An acceleration below moving averages, should be the first signal of further slides, with 131.50 area then at sight,” she suggests.

Valeria spots support levels at: 132.00, 131.50 and 131.10, while resistance levels at: 132.40, 132.90 and 133.50.

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