Back
1 Nov 2013
EUR/JPY consolidating reversal?
FXstreet.com (Chicago) - EUR/JPY finds grounds and prepares consolidation above the 133.60 zone on potential reversal in formation ahead of Tokyo’s opening.
According to Valeria Bednarik, analyst at FXstreet.com, “the EUR/JPY lost nearly 200 pips still holding the negative bias according to the hourly chart, as indicators head lower in oversold territory, with short term sellers now surging around 133.70. In the 4 hours chart technical readings present a clear bearish tone, suggesting more slides ahead towards 132.80, next short term support.”
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 133.59 and oscillates between the supports aligned at 133.19 (October 13th lows), 132.61 (October 15th lows) ahead of 132 (October 8th highs) and the resistances set at 133.87 (October 25th lows), 134.20 (October 29th lows) followed by 134.47 (October 24th highs). After a steep fall from the 135.20 zone throughout the past two days, the pair seems to find grounds around weekly lows. On hourly charts, a corrective move is evidenced while long-term charts demonstrate primary and secondary trends are diverging with the latter pointing to the grounds. The break below the upward trendline that originated last October 7th suggests the pair was under high pressure after the release of European data that disappointed
According to Valeria Bednarik, analyst at FXstreet.com, “the EUR/JPY lost nearly 200 pips still holding the negative bias according to the hourly chart, as indicators head lower in oversold territory, with short term sellers now surging around 133.70. In the 4 hours chart technical readings present a clear bearish tone, suggesting more slides ahead towards 132.80, next short term support.”
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 133.59 and oscillates between the supports aligned at 133.19 (October 13th lows), 132.61 (October 15th lows) ahead of 132 (October 8th highs) and the resistances set at 133.87 (October 25th lows), 134.20 (October 29th lows) followed by 134.47 (October 24th highs). After a steep fall from the 135.20 zone throughout the past two days, the pair seems to find grounds around weekly lows. On hourly charts, a corrective move is evidenced while long-term charts demonstrate primary and secondary trends are diverging with the latter pointing to the grounds. The break below the upward trendline that originated last October 7th suggests the pair was under high pressure after the release of European data that disappointed