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5 Aug 2013
EUR/JPY falls to session lows on JPY firming
FXstreet.com (New York) - The EUR/JPY technical cross was weakened Monday morning, having failed to move higher on a fortified JPY during Asian trading.
At this juncture, the EUR/JPY is now navigating the region of 131.31, establishing fresh lows at the time of writing. Briefing the technicals, the EUR/JPY is now testing support at 131.40 (20-day SMA), and a fall lower will open up supports at 131.18 (July 22 low), ahead of 131.11 (200-day SMA), and 130.90 (July 23 low).
EUR/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The EUR/JPY upward momentum seen last week may not be able to extend this one, as the JPY stands strong against most rivals, after the latest disappointing US employment figures. The cross may lose part of its charm in the days ahead, with the hourly chart presenting some bearish divergences at the time being, despite price is standing right above the 61.8% retracement of its latest fall around 131.40 and above moving averages. Steady gains at this area may see some follow through up to 132.00 in the short term.”
At this juncture, the EUR/JPY is now navigating the region of 131.31, establishing fresh lows at the time of writing. Briefing the technicals, the EUR/JPY is now testing support at 131.40 (20-day SMA), and a fall lower will open up supports at 131.18 (July 22 low), ahead of 131.11 (200-day SMA), and 130.90 (July 23 low).
EUR/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The EUR/JPY upward momentum seen last week may not be able to extend this one, as the JPY stands strong against most rivals, after the latest disappointing US employment figures. The cross may lose part of its charm in the days ahead, with the hourly chart presenting some bearish divergences at the time being, despite price is standing right above the 61.8% retracement of its latest fall around 131.40 and above moving averages. Steady gains at this area may see some follow through up to 132.00 in the short term.”