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EUR/JPY bounces off 136.30

FXStreet (Edinburgh) - After bottoming out in the 136.30 area, EUR/JPY managed to pick up pace and regain the mid-136.00s and beyond.

EUR/JPY capped by 137.00

The generalized lack of direction in the global markets is the main driver behind the cross today, coming back from overnight tops near 137.00 the figure and keeping the narrow range so far. “The market is regarded as being under pressure while below the 138.45 pivot and risks are on the downside while capped here”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/JPY levels to watch

The pair is advancing 0.14% at 136.60 with the next resistance at 137.00 (high Oct.20) ahead of 137.06 (high Oct.10) and then 137.45 (daily cloud base). On the flip side, a breakdown of 136.05 (Tenkan Sen) would aim for 135.75 (low Oct.17) and finally the psychological level at 135.00.

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