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Forex: EUR/JPY capped below 128 for now

FXstreet.com (Barcelona) - EUR/JPY is currently correcting at fresh session lows 127.79, off daily highs at 128.12, 1 hour away from Japan trade balance data at 23:50 GMT. The cross is down -0.95% for the week so far. Nikkei index closed yesterday slightly below the 13400 points mark up +1.22% for the day, with futures now pointing for a barely positive open in a few minutes.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “there’s not much upside momentum according to the hourly chart, and in fact, technical readings remains bearish, with 100 SMA crossing to the downside 200 one and indicators heading south in negative territory,” the analyst notes, adding: “In the 4 hours chart, technical stance is more neutral, giving no clear clues on direction. However, only steady gains above mentioned moving averages, the latest around 129.00, will favor a recovery in the pair, while below 126.60 the downside is open towards 125.50 price zone,” she concludes.

Valeria locates support levels at: 127.60, 127.10 and 126.40, while resistance levels at: 129.00, 129.50 and 130.15.

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