29 Jul 2013
EUR/JPY bounces off intraday lows
FXstreet.com (New York) - The EUR/JPY technical cross recently rebounded off the depths of 129.68 (session low) Monday, having retraced its path slightly and recovered some ground during US trading.
At the time of writing, the EUR/JPY is now settling near 129.81, presently declining at a rate of -0.37% off its opening during US trading. Technically speaking, the EUR/JPY is trading at the 129.77 support and will encounter additional means of correction at 129.42, ahead of 128.91, calculates the Danske Research team.
EUR/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/JPY’s new high of 132.75 last week was accompanied by a divergence of the daily RSI and the market has failed ahead of the 133.82 May. The 8 month uptrend at 130.12 is being eroded and this targets the base of the cloud at 128.75 and then the 124.94 June low.”
At the time of writing, the EUR/JPY is now settling near 129.81, presently declining at a rate of -0.37% off its opening during US trading. Technically speaking, the EUR/JPY is trading at the 129.77 support and will encounter additional means of correction at 129.42, ahead of 128.91, calculates the Danske Research team.
EUR/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/JPY’s new high of 132.75 last week was accompanied by a divergence of the daily RSI and the market has failed ahead of the 133.82 May. The 8 month uptrend at 130.12 is being eroded and this targets the base of the cloud at 128.75 and then the 124.94 June low.”