EUR/JPY dealing with 129 figure in early Asia-Pacific

FXstreet.com (Barcelona) - EUR/JPY is last at 128.94, off recent session highs at 129.07, finding some early bids in the Asia-Pacific, following the massive drop in the cross in the back of Yen strength, that took it to print fresh 1-month lows at 127.40 by mid NY trade.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows price well below moving averages and indicators aiming higher far from supporting a reversal,” the analyst notes, adding: “In bigger time frames, the bearish potential seen on previous updates has now firmed up, supporting a deeper correction of the long bullish run in yen pairs,” she concludes.

Valeria finds support levels at: 128.80, 129.40 and 129.90, while resistance levels at: 128.80, 128.20 and 127.40.