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Forex: EUR/JPY falls below 128.00

FXstreet.com (San Francisco) - The euro has extended its decline against the Japanese Yen with the pair falling around 100 pips in the latest couple of hours from 128.95 to break below the 128.00 mark and reach its intra-day low at 127.60.

Currently the EUR/JPY is trading at 127.75, 0.60% negative on the day. Pair is slightly bearish according to the FXstreet.com trend index with mixed indicators as the CCI and Momentum pointing bearish while the MACD is neutral and the Stochastic is positive.

Investors are trading lower on the Euro as Bundesbank president Weidmann said that ECB could cut rates if economic data continues weakening. In a WSJ interview, Weidmann said the “European economy could take a decade to recovery.”

As for technical levels, next supports are at 127.20, 126.80 and 126.00. On the upside, resistances are at 128.10, 129.00 and 129.75.

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