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22 Feb 2013
Forex: EUR/JPY find bids ahead of 122.00
EUR/JPY is last trading at 122.88, off recent fresh Feb lows at 122.23 printed in late London session, as Japanese PM Abe lands in Washington and debate over who's going to be next BoJ gov starts heating up. The cross has lost -1.21% from previous Asia-Pacific open, mostly on Euro weakness, as EUR/USD dips to fresh 1-month lows at 1.3184 and breaks below ascending trend line coming from July's 1.20s lows.
“The pennant formation in EUR/JPY has been a real winner over the last few weeks,” says FXWW founder Sean Lee. “and buying dips towards the lower end below 122.00 looks like a decent plan,” he suggests. From the technical perspective, “In the hourly chart technical readings remain bearish, despite slightly oversold,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “while in the 4 hours chart bearish momentum remains strong, supporting more slides ahead, as long as 123.30 caps the upside in the short term,” she concludes.
Valeria locates support levels at: 122.20, 121.70 and 121.10, while resistance levels at: 122.90, 123.30 and 123.80.
“The pennant formation in EUR/JPY has been a real winner over the last few weeks,” says FXWW founder Sean Lee. “and buying dips towards the lower end below 122.00 looks like a decent plan,” he suggests. From the technical perspective, “In the hourly chart technical readings remain bearish, despite slightly oversold,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “while in the 4 hours chart bearish momentum remains strong, supporting more slides ahead, as long as 123.30 caps the upside in the short term,” she concludes.
Valeria locates support levels at: 122.20, 121.70 and 121.10, while resistance levels at: 122.90, 123.30 and 123.80.