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11 Jun 2013
EUR/JPY holding steady around 128.50
FXstreet.com (Barcelona) - The sudden EUR strength continues to be eclipsed by today’s strong appreciation of the Japanese yen, dragging the EUR/JPY to current session lows in the vicinity of 128.50.
Technical perspective
It is worth noting that the BoJ left unchanged its policy this morning, catching market participants off guard as they were expecting measures to counteract the rising yields in the Japanese bond markets. According to Ilya Spivak, Currency Strategist at DailyFX, “Prices are testing rising trend line support set from mid November 2012, a barrier reinforced by the 38.2% Fibonacci retracement at 128.19. A break below that exposes the 50% level at 126.45. Near-term trend line resistance is at 131.26”.
Key levels
As of writing, the cross is down 1.76% at 128.60 and a breach of 128.19 (low Jun.11) would expose 126.92 (cloud top) and finally 126.43 (MA100d). On the flip side, resistance levels align at 128.95 (intraday resistance) followed by 131.30 (high Jun.11).
Technical perspective
It is worth noting that the BoJ left unchanged its policy this morning, catching market participants off guard as they were expecting measures to counteract the rising yields in the Japanese bond markets. According to Ilya Spivak, Currency Strategist at DailyFX, “Prices are testing rising trend line support set from mid November 2012, a barrier reinforced by the 38.2% Fibonacci retracement at 128.19. A break below that exposes the 50% level at 126.45. Near-term trend line resistance is at 131.26”.
Key levels
As of writing, the cross is down 1.76% at 128.60 and a breach of 128.19 (low Jun.11) would expose 126.92 (cloud top) and finally 126.43 (MA100d). On the flip side, resistance levels align at 128.95 (intraday resistance) followed by 131.30 (high Jun.11).