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2 Aug 2013
EUR/JPY retreats from highs
FXstreet.com (Edinburgh) -The euro is now accelerating its bearish momentum, dragging the EUR/JPY to the area of 132.70/75 on Thursday, ahead of key US docket.
EUR/JPY capped by 132.00
The pair keeps the upper end of today’s range, although the 132.00 handle is still capping upside attempts. The single currency would be under pressure ahead of the US events due later, exposing the cross to further weakness. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has seen a strong rebound from the top of the cloud at 129.38, this has been enough to once again neutralise our immediate outlook. This suggests yet another run up to the 132.74/133.75 highs remains viable”.
EUR/JPY levels to watch
The pair is now advancing 0.22% at 131.76 with the initial resistance at 132.46 (high Jul.25) ahead of 132.74 (high Jul.24) and finally 132.87 (high May 23). On the flip side, a break below 131.23 (low Aug.2) would bring 131.05 (Tenkan Sen line) and then 130.38 (Kijun Sen line).
EUR/JPY capped by 132.00
The pair keeps the upper end of today’s range, although the 132.00 handle is still capping upside attempts. The single currency would be under pressure ahead of the US events due later, exposing the cross to further weakness. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has seen a strong rebound from the top of the cloud at 129.38, this has been enough to once again neutralise our immediate outlook. This suggests yet another run up to the 132.74/133.75 highs remains viable”.
EUR/JPY levels to watch
The pair is now advancing 0.22% at 131.76 with the initial resistance at 132.46 (high Jul.25) ahead of 132.74 (high Jul.24) and finally 132.87 (high May 23). On the flip side, a break below 131.23 (low Aug.2) would bring 131.05 (Tenkan Sen line) and then 130.38 (Kijun Sen line).