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Forex: EUR/JPY finding resistance below 122.00

EUR/JPY is last at 121.94, fresh session highs, and moving barely above previous weekly close Friday, following a weak start of current week in Asia-Pacific, printing session lows at 121.42, on the back of Euro weakness. EUR/JPY is still higher for the year a +7.3%, and up +23.75% in last 6 months.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows price losing some ground, although indicators hold in positive territory and while price develops above a bearish 100 SMA. Latest bullish leg corrected around a 50% of previous fall, and the 38.2% retracement comes around 121.20, immediate support. If the level gives up, further slides are to be expected towards the 120.40 price zone. On the other hand, an advance needs to see price regaining 122.70/80 area, to deny further falls in the pair,” the analyst concludes.

Valeria locates support levels at: 121.20, 120.90 and 120.40, while resistance levels at: 121.80, 122.30 and 122.80.

Forex Flash: Big week ahead - BNZ

It’s a big week for central banks and global data, notes Mike Jones, currency strategist at BNZ: "Probably the two events with the most potential to shock the market are Thursday’s ECB meeting and Friday’s US employment data, although it is also a busy week in Australia, with Tuesday’s RBA meeting, January retail sales figures, and Q4 GDP all have the potential to impact on the AUD and NZD."
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