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14 Aug 2013
EUR/JPY bounces off 130.00
FXstreet.com (Edinburgh) -The EUR/JPY is looking to stabilize around 130.00 the figure on Wednesday, following similar patterns in both the EUR and the JPY.
EUR/JPY extends the upside
The recent sharp depreciation of the Japanese yen plus the strong resilience of the single currency around the 1.3280-1.3400 band pushed the cross to multi-day highs from the vicinity of 128.00 to the area of 130.60/65, levels last seen in early August. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented that the pair’s “swift recovery off Monday’s 127.97 low has so far taken it to the 50% retracement of the July-to-August decline at 130.36. The next higher 61.8% Fibonacci retracement at 130.92 could also be reached before the currency pair struggles”.
EUR/JPY support and resistance levels
The cross is now losing 0.07% at 130.17 with the next support at 129.85 (low Aug.13) ahead of 129.38 (cloud top) and then 128.86 (cloud base). On the flip side, a break above 130.72 (high Aug.6) would expose 131.55 (high Aug.5) and finally 131.97 (high Aug.2).
EUR/JPY extends the upside
The recent sharp depreciation of the Japanese yen plus the strong resilience of the single currency around the 1.3280-1.3400 band pushed the cross to multi-day highs from the vicinity of 128.00 to the area of 130.60/65, levels last seen in early August. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented that the pair’s “swift recovery off Monday’s 127.97 low has so far taken it to the 50% retracement of the July-to-August decline at 130.36. The next higher 61.8% Fibonacci retracement at 130.92 could also be reached before the currency pair struggles”.
EUR/JPY support and resistance levels
The cross is now losing 0.07% at 130.17 with the next support at 129.85 (low Aug.13) ahead of 129.38 (cloud top) and then 128.86 (cloud base). On the flip side, a break above 130.72 (high Aug.6) would expose 131.55 (high Aug.5) and finally 131.97 (high Aug.2).