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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.”

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