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Forex: EUR/JPY drawing third Doji in a row

FXstreet.com (Barcelona) - The EUR/JPY retested its daily highs once again, peaking at 129.87 just before the US claims data, and then the cross started a new declining movement back to its lower band of the daily range, finding some support at 129.20.

Given that the market trades quite close to yesterday’s close of 129.41, the EUR/JPY may be drawing its third doji daily candlestick in a row.

“The EUR/JPY's unimpressive bounce after the 23 April bullish reversal suggests a weakening short-term upside momentum. Monitor the hourly support at 127.87 (23/04/2013 low). Another support can be found at 126.44”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, suggesting an hourly resistance at 129.99 (intraday high).

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