OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/JPY holding gains above 132.00

FXstreet.com (Barcelona) - EUR/JPY just printed a fresh 3-year high in early Asia-Pacific at 132.40 on the back of continued Yen weakness following G7 meetings through the weekend. The cross trades last at 132.18, slightly below Friday's highs.

“I believe that the current moves in the market are also likely to see the EUR make solid gains on the crosses so whilst EUR/USD may seem heavy overall, dips are also likely to be very well supported,” says FXWW founder Sean Lee, who adds: “Initial support is at Friday’s lows near 1.2940 which is also a Fibo retracement level.”

In the other hand, Valeria Bednarik, Chief Analyst at Fxstreet.com, notes: “Despite the hourly chart holds a positive technical scope, road higher should be limited compared to other yen crosses, although dips may provide some short term buying opportunities,” the analyst suggests.

Valeria finds support levels at: 131.50, 131.00 and 130.40, while resistance levels at: 132.25, 132.80 and 133.40.

Forex Flash: USD/JPY, heading towards 105 in May/June - Nomura

Price action in USD/JPY matches very closely recent calls by Nomura strategists, who argued, this is "what you would expect based on the historical seasonality in bond flows, and the acceleration in activity post golden week."
Read more Previous

Forex Flash: USD/JPY, expect little pullback in the high 101s - RBS

The break up in USD/JPY through both 100.00 psychological level and a range of historical levels in the 101s strengthens the case for greater gains in the pair, says Greg Gibbs, currency strategist at RBS.
Read more Next
Start livechat