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2 May 2013
Forex: EUR/JPY hovering over 128.00 ahead of ECB
FXstreet.com (Barcelona) - The cross is trading on the back foot on Thursday as the renewed strength of the Japanese yen continues to drag the pair to lower levels, ahead of the ECB interest rate decision due later.
In the view of I.Spivak, Currency Analyst at DailyFX, “Prices are testing support at 127.70, marked by the February 6 high and the bottom of a Triangle chart pattern carved out since mid-April. A reversal higher sees Triangle resistance at 130.14, with a break above targeting the April 11 high at 131.11. Alternatively, a break below support aims for the March 8 top at 126.03”.
As of writing the pair is down 0.27% at 128.01 with the next support levels at 127.20 (low Apr.30) ahead of 127.09 (low Apr.29) and finally 126.45 (low Apr.17).
On the other hand a breakout of 128.38 (high May 2) would then target 128.93 (high May 1) en route to the psychological level at 129.00.
In the view of I.Spivak, Currency Analyst at DailyFX, “Prices are testing support at 127.70, marked by the February 6 high and the bottom of a Triangle chart pattern carved out since mid-April. A reversal higher sees Triangle resistance at 130.14, with a break above targeting the April 11 high at 131.11. Alternatively, a break below support aims for the March 8 top at 126.03”.
As of writing the pair is down 0.27% at 128.01 with the next support levels at 127.20 (low Apr.30) ahead of 127.09 (low Apr.29) and finally 126.45 (low Apr.17).
On the other hand a breakout of 128.38 (high May 2) would then target 128.93 (high May 1) en route to the psychological level at 129.00.