14 Nov 2013
EUR/JPY struggles for 133.80 front
FXstreet.com (Chicago) - EUR/JPY retraced right before reaching the 134 zone ahead of Tokyo’s opening and Japanese data due later. The pair struggles to consolidate above the 133.80 front.
Perspective
According to FXstreet.com analyst, Valeria Bednarik, “The EUR/JPY ends the day pretty much unchanged from past Asian session opening, having traded in a tight range for most of the day. The hourly chart shows price well above moving averages although 100 SMA remains below the 200 one, reflecting the lack of upward momentum in the pair. In the 4 hours chart, momentum still heads south although in positive territory, still correcting extreme overbought readings reached past Monday. Technically bullish, the pair remains capped below the 134.00 figure, so either a price acceleration or steady gains above it are required to confirm a new leg up, eyeing then 134.60 price zone in the short term.”
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 133.79 and oscillates between the supports aligned at 133.74 (November 6th highs), 133.31 (November 4th highs) ahead of 132.79 (November 3rd lows) and the resistances set at 134.24 (October 29th lows), 134.78 (October 23rd highs) followed by 135.44 (October 30th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and oscillates above the EMA20.
Perspective
According to FXstreet.com analyst, Valeria Bednarik, “The EUR/JPY ends the day pretty much unchanged from past Asian session opening, having traded in a tight range for most of the day. The hourly chart shows price well above moving averages although 100 SMA remains below the 200 one, reflecting the lack of upward momentum in the pair. In the 4 hours chart, momentum still heads south although in positive territory, still correcting extreme overbought readings reached past Monday. Technically bullish, the pair remains capped below the 134.00 figure, so either a price acceleration or steady gains above it are required to confirm a new leg up, eyeing then 134.60 price zone in the short term.”
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 133.79 and oscillates between the supports aligned at 133.74 (November 6th highs), 133.31 (November 4th highs) ahead of 132.79 (November 3rd lows) and the resistances set at 134.24 (October 29th lows), 134.78 (October 23rd highs) followed by 135.44 (October 30th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and oscillates above the EMA20.