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Forex: EUR/JPY unchanged below 125.00

EUR/JPY is totally flat for the week so far at 124.85 last, as USD/JPY is slightly higher and EUR/USD is slightly lower. Nikkei index opened printing yet another fresh high shy of the 11400 points mark, highest since Sept 2008, up +0.83% for the day so far, while upcoming BoJ's chief Kuroda was giving a speech. Japan Core machinery orders data fell -13.1% in Jan on monthly basis, while -9.7% year on year.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators turning lower still in negative territory, while 20 SMA stands above current price with a strong bearish slope, all of which limits the upside,” the analyst says, adding: “In the 4 hours chart technical outlook is also bearish, although lacking strength at the time being. Renewed selling pressure that drives price below 1.2960 support, should anticipate another leg lower, with 1.2880 then at sight,” she concludes.

Valeria finds support levels at: 1.2960, 1.2920 and 1.2880, while resistance levels at: 1.3030, 1.3070 and 1.3100.

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