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12 Aug 2013
EUR/JPY posts fresh 1-month lows sub-128 on worse than expected Japan GDP
The EUR/JPY foreign exchange cross rate is currently trading at 128.14, off recent session and fresh 1-month lows at 127.94 following worse than expected Japan GDP coming out at +2.6% y/y when consensus pointed for a +3.6% increase.
EUR/JPY holds to the bearish trend
“The EUR/JPY holds to the bearish trend underway, with the hourly chat showing price consolidating near price week low, and 100 SMA gaining bearish slope above current price around 129.35 and offering dynamic resistance” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Indicators in the mentioned time frame head lower in negative territory, while in bigger time frames technical readings also present a bearish tone: 127.90 comes as immediate support, and if below there’s room for a slide towards 127.10.”
EUR/JPY key technical levels
Bednarik finds support levels at: 127.90, 127.50 and 127.10, while resistance levels at: 128.80, 129.35 and 129.80.
EUR/JPY holds to the bearish trend
“The EUR/JPY holds to the bearish trend underway, with the hourly chat showing price consolidating near price week low, and 100 SMA gaining bearish slope above current price around 129.35 and offering dynamic resistance” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Indicators in the mentioned time frame head lower in negative territory, while in bigger time frames technical readings also present a bearish tone: 127.90 comes as immediate support, and if below there’s room for a slide towards 127.10.”
EUR/JPY key technical levels
Bednarik finds support levels at: 127.90, 127.50 and 127.10, while resistance levels at: 128.80, 129.35 and 129.80.