31 Jul 2013
EUR/JPY retreats below 130.00 barrier
FXstreet.com (New York) - The EUR/JPY technical cross retreated back to the 130.00 level during Asian trading Wednesday morning, testing the key region in these moments.
The EUR/JPY is presently trading at the 129.98 level, currently incurring a decline of -0.05%. Technically speaking, the EUR/JPY will face support 129.85 (July 30 low), ahead of 129.60 (July 29 low), and 129.50 (July 15 low).
EUR/JPY strategic bias
According to Valeria Bednarik, analyst at FXstreet.com, “Despite yesterdays range, the EUR/JPY maintains the bearish tone, with the hourly chart showing price developing below 100 and 200-day MAs, and indicators heading lower in negative territory. Moreover, the main bearish target on fresh weekly lows remain at the 128.80 level, while a recovery may see the pair surge above 131.00.”
The EUR/JPY is presently trading at the 129.98 level, currently incurring a decline of -0.05%. Technically speaking, the EUR/JPY will face support 129.85 (July 30 low), ahead of 129.60 (July 29 low), and 129.50 (July 15 low).
EUR/JPY strategic bias
According to Valeria Bednarik, analyst at FXstreet.com, “Despite yesterdays range, the EUR/JPY maintains the bearish tone, with the hourly chart showing price developing below 100 and 200-day MAs, and indicators heading lower in negative territory. Moreover, the main bearish target on fresh weekly lows remain at the 128.80 level, while a recovery may see the pair surge above 131.00.”