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26 Jun 2013
EUR/JPY breaks even for the week above 128.00
FXstreet.com (Barcelona) - The EUR/JPY is currently rallying to session highs last at 128.40 on the back of recent Yen weakness, making the USD/JPY pair break above the 98 mark, last trading at 98.15. The cross is about to break even for the week at the moment, off double weekly lows at 127.28.
No time for bulls
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the EUR/JPY, “as most of yen pairs, traded mostly in range: the pair hovers around the 128.00 level, with the hourly chart showing price stuck in between 100 and 200 SMA’s, and indicators in neutral territory.” The analyst believes “is no time for bulls: if anything recoveries should provide selling opportunities. Bigger time frames show technical readings holding the bearish tone, supporting the overall view,” Bednarick concluded.
The analyst finds support levels at: 127.65, 127.20 and 126.70, while resistance levels at: 128.40, 128.80 and 129.30.
No time for bulls
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the EUR/JPY, “as most of yen pairs, traded mostly in range: the pair hovers around the 128.00 level, with the hourly chart showing price stuck in between 100 and 200 SMA’s, and indicators in neutral territory.” The analyst believes “is no time for bulls: if anything recoveries should provide selling opportunities. Bigger time frames show technical readings holding the bearish tone, supporting the overall view,” Bednarick concluded.
The analyst finds support levels at: 127.65, 127.20 and 126.70, while resistance levels at: 128.40, 128.80 and 129.30.