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Jun 3, 2013
EUR/JPY consolidates below 130.00
FXstreet.com (Córdoba) - The euro fell to a 4-week low versus the yen as the strong slump in USD/JPY weighed on the cross. EUR/JPY dropped nearly 150 pips from daily highs, breaking below the 130.00 mark to hit a low of 129.49 before finding support.
However, with the subsequent bounce capped by the 130.00/05 zone, EUR/JPY has spent the last hours consolidating in a range. At time of writing, EUR/JPY is trading around 129.80, where it is still 0.5% below its opening price.
In terms of technical levels, immediate supports are seen at the 129.50 area and 129.00 (psychological level). On the other hand, resistances could be found at the 130.00/05 zone (intraday resistance) and 130.40 (20-hour SMA).
However, with the subsequent bounce capped by the 130.00/05 zone, EUR/JPY has spent the last hours consolidating in a range. At time of writing, EUR/JPY is trading around 129.80, where it is still 0.5% below its opening price.
In terms of technical levels, immediate supports are seen at the 129.50 area and 129.00 (psychological level). On the other hand, resistances could be found at the 130.00/05 zone (intraday resistance) and 130.40 (20-hour SMA).