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Forex: EUR/JPY quiet above 128.00

FXstreet.com (Barcelona) - EUR/JPY is last at 128.30, mostly flat for the Asia-Pacific so far, while slightly lower for the week, after recovering from Wednesday's lows at 126.50. As reported by FXWW founder Sean Lee there would be “Solid bids near 1.3025 EUR/USD,” which could limit the downside for the cross as well.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “price hovers around 100 SMA in the hourly chart while indicators turned horizontal, resting on their midlines. Recoveries are still shy, and a daily descendant trend line, currently around 129.20, stands in the way for an upward continuation,” the analyst notes, adding: “Considering the fact that stocks closed in red all around the globe today, there’s a big chance local share markets will follow, exposing the pair to a slide: below 127.60, market will be looking for 126.40 area, while a weekly close below this last will increase chances of a test of 125.50 early next week,” she concludes.

Valeria finds support levels at: 127.60, 127.10 and 126.40, while resistance levels at: 129.20, 129.50 and 130.15.

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