12 Nov 2013
EUR/JPY gives in 133
FXstreet.com (Chicago) - EUR/JPY can’t resist bearish pressure extending the downward channel and retracement from 133.12 session highs ahead of Tokyo’s opening.
According to Valeria Bednarik, analyst from FXstreet.com, “the yen bearish tone favored a recovery in the pair, back to current 132.50 key resistance area; local share markets are pointing for a strong opening, which suggest further gains in yen crosses are to be expected: in the hourly chart, indicators look slightly exhausted to the upside, while 100 SMA offers dynamic resistance around 132.70, so steady gains above this last are required to confirm further gains, eyeing 133.40 200 SMA in the same time frame. In the 4 hours chart indicators head higher although bouncing from oversold levels and still below their midlines, which confirms the need of more technical signs to see further advances.”
EUR/JPY Technical Levels
Price action reveals bearish pressure and a retracement made evident on 4HR charts with a fall from 133.12 session highs. Offered at 132.95, the pair oscillates between the supports aligned at 132.79 (October 15th lows), 132.40 (November 5th lows) ahead of 131.67 (September 27th lows) and the resistances set at 133.31 (November 2nd highs), 133.74 (November 6th highs) followed by 134.24 (October 29th lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis flowing above the EMA20.
According to Valeria Bednarik, analyst from FXstreet.com, “the yen bearish tone favored a recovery in the pair, back to current 132.50 key resistance area; local share markets are pointing for a strong opening, which suggest further gains in yen crosses are to be expected: in the hourly chart, indicators look slightly exhausted to the upside, while 100 SMA offers dynamic resistance around 132.70, so steady gains above this last are required to confirm further gains, eyeing 133.40 200 SMA in the same time frame. In the 4 hours chart indicators head higher although bouncing from oversold levels and still below their midlines, which confirms the need of more technical signs to see further advances.”
EUR/JPY Technical Levels
Price action reveals bearish pressure and a retracement made evident on 4HR charts with a fall from 133.12 session highs. Offered at 132.95, the pair oscillates between the supports aligned at 132.79 (October 15th lows), 132.40 (November 5th lows) ahead of 131.67 (September 27th lows) and the resistances set at 133.31 (November 2nd highs), 133.74 (November 6th highs) followed by 134.24 (October 29th lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis flowing above the EMA20.