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Forex: EUR/JPY still above 124.00 for third week

EUR/JPY is last at 124.58, off fresh weekly lows at 124.16, printed on Euro weakness and USD strength following latest FOMC meeting minutes, where indicated stimulus may end, which also weakened Yen, printing a daily high at 94.05 against USD. The EUR/JPY cross is currently finding resistance at Tuesday's previous weekly lows. Nikkei index opens to the downside around the 11400 points handle, already bouncing but still -0.28% down for the day.

“The hourly chart shows price moving away from 100 and 200 SMA’s, both around 124.90/125.10 now offering resistance,and selling opportunities in case of recoveries,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Technical indicators gain bearish tone in negative territory, still far from oversold levels, leaving enough room for more slides. In the 4 hours chart technical readings are also slightly bearish as price advances to fresh weekly lows: 123.80 comes as immediate support now, with possibilities of an extension up to 122.90 for today,” she concludes.

Valeria sees support levels at: 123.80, 123.30 and 122.90, while resistance levels at: 124.40, 124.85 and 125.40.

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