9 Jul 2013
EUR/JPY collapses to session lows
FXstreet.com (New York) - The EUR/JPY technical pair plummeted Tuesday during US trading, surrendering its grip on the 130.00 level in recent minutes, whilst crashing to intraday lows.
In these moments, the EUR/JPY is entrenched at the depths of 129.38 (session low), having suffered a -0.38% drop in the exchange and paring all of its European gains after trading over 100-pips higher at 130.56 earlier today.
Technical Bias
According to the Technical Analyst Team at ICN.com, “The EUR/JPY has commenced a breach to 130.20, activating the earlier-proposed uptrend scenario. Our forecast remains valid as long as 129.40 holds ground against the pair.”
The 200-day SMA, which was previously holding the EUR/JPY failed to stabilize the pair from a plunge downwards, which now is in free-fall. The Danske Research Team identifies supportive means for the cross at 129.30, then 129.18, and finally 128.60.
In these moments, the EUR/JPY is entrenched at the depths of 129.38 (session low), having suffered a -0.38% drop in the exchange and paring all of its European gains after trading over 100-pips higher at 130.56 earlier today.
Technical Bias
According to the Technical Analyst Team at ICN.com, “The EUR/JPY has commenced a breach to 130.20, activating the earlier-proposed uptrend scenario. Our forecast remains valid as long as 129.40 holds ground against the pair.”
The 200-day SMA, which was previously holding the EUR/JPY failed to stabilize the pair from a plunge downwards, which now is in free-fall. The Danske Research Team identifies supportive means for the cross at 129.30, then 129.18, and finally 128.60.