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1 Mar 2013
Forex: EUR/JPY struggling around the 121.00
EUR/JPY trades at the moment at 120.98, off NY session highs at 121.47, and yesterday's Asian session highs at 121.82, highest the cross has got after massive sell-off came following Monday's Italian election results when printed fresh 1-month lows at 118.74. EUR/JPY recovers from daily lows at 120.50, losing a small -0.16% from previous Asia-Pacific open yesterday, with Nikkei index closing Thursday up +2.71%.
As Valeria Bednarik notes, Chief Analyst at Fxstreet.com, EUR/JPY “found buyers around 100 SMA in the hourly chart that caps the upside now around 121.30,” she says, adding: “Yen crosses had been under pressure this week, and attempts to recover were halted by selling interest, pointing for a change in market interest when it comes to the Japanese currency. As for the short term, the hourly chart presents a bearish tone that points for another leg lower in the pair,” the analyst concludes.
Support levels are seen by Valeria at: 120.40, 119.90 and 119.20, while resistance levels at: 121.30, 121.80 and 122.60.
As Valeria Bednarik notes, Chief Analyst at Fxstreet.com, EUR/JPY “found buyers around 100 SMA in the hourly chart that caps the upside now around 121.30,” she says, adding: “Yen crosses had been under pressure this week, and attempts to recover were halted by selling interest, pointing for a change in market interest when it comes to the Japanese currency. As for the short term, the hourly chart presents a bearish tone that points for another leg lower in the pair,” the analyst concludes.
Support levels are seen by Valeria at: 120.40, 119.90 and 119.20, while resistance levels at: 121.30, 121.80 and 122.60.