OctaFX | OctaFX Forex Broker
Open trading account

EUR/JPY range bound behavior on daily chart continues

FXstreet.com (Barcelona) - The EUR/JPY finished the day slightly lower, down 88 pips at 130.59 but again finding firm support just above the 130.00 level.

The FXStreet.com Trend Index remains range slightly bullish on the daily chart, while the ob/os index reads neutral. The pair remains trapped in a fairly tight rang between 130.00 and 132.00 on the daily chart. Market participants should be aware a close outside of this range will likely set the stage for the next big move in the pair.

According to Val Bednarik at FXStreet.com, “back to hover right above 130.00, the EUR/JPY eased back below its 100 and 200 SMA’s in the hourly chart, with indicators gaining bearish potential and supporting further yen gains for this week. Maybe a bit too early to call for a bearish run, as buyers had been surging in the 129.90/130.00 area, a break below this last is what it takes to see further slides, with 128.80 as main bearish target. Approaches to 132.00 area will likely be seen as selling opportunities.”

Aussie consolidates in narrow range above 0.9600

The Aussie has started the week off on a strong note, gapping up 40 pips and consolidating just above the 0.9600 area after better than expected economic data out of China hit the wires over the weekend.
Read more Previous

Commodities Brief: Oil unable to hold support at 92.00

It was a rough day for the commodities markets, with both precious metals and oil finishing the day sharply lower.
Read more Next
Start livechat