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Forex: EUR/JPY winning streak ends, closes down 176 pips at 129.03

FXstreet.com (Barcelona) - The EUR/JPY traded sharply lower on Friday, closing down 176 pips at 129.03. Previously, the pair had traded higher the last 6 days and still closed the week +1.69%. Market participants will be awaiting Bank of Japan Governor Kuroda’s speech (due out later in the session at 1:30 GMT). Economic data out of Europe will be light with Trade Balance being reported at 9:00 GMT.

“Yen gathered momentum past Friday after being under pressure most of the week, in what seems to be a largely due corrective movement. US Treasury report adding that Japan shouldn’t pressure that much to weaken the Yen helped the movement, although seems too early to call for a top in EUR/JPY: the pair so far managed to hold above 128.40 area immediate support, and recovers some ground, noted Val Bednarik of FXStreet.com

From a technical perspective, first support sits at 128.58 (low price on April 12th), followed by 127.69 (the 9 DMA). Initial resistance sits at 129.30 (previous support, now resistance on 1 hour chart), followed by 129.70 (low price on April 11th, now resistance). The RSI (14) Indicator remains in bullish technical set up, sitting at 63.74 and maintaining the bullish zone between 40 and 80.

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