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6 Jun 2013
EUR/JPY below 130 on Yen strength
FXstreet.com (Barcelona) - EUR/JPY is last at 129.83, off fresh session lows at 129.61, on the back of Yen strength and USD weakness, while Euro has been more or less stable shy of the 1.31 level. The cross is down -0.55% for the week so far.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators pointing for an upward correction still below their midlines, yet as long as price stays below 130.00 there are little chances of recovery,” the analyst notes, adding: “Furthermore, 100 and 200 SMAs are slowly gaining bearish slope above current price, not good signal for bulls. In bigger time frames indicators are entering negative territory, still with not much strength. Main bearish target for the pair is the 128.80 area, that could be hit on Friday, if US NFP data disappoints,” she suggests.
Valeria locates support levels at: 129.50, 129.10 and 128.80, while resistance levels at: 130.00, 130.40 and 130.90.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators pointing for an upward correction still below their midlines, yet as long as price stays below 130.00 there are little chances of recovery,” the analyst notes, adding: “Furthermore, 100 and 200 SMAs are slowly gaining bearish slope above current price, not good signal for bulls. In bigger time frames indicators are entering negative territory, still with not much strength. Main bearish target for the pair is the 128.80 area, that could be hit on Friday, if US NFP data disappoints,” she suggests.
Valeria locates support levels at: 129.50, 129.10 and 128.80, while resistance levels at: 130.00, 130.40 and 130.90.