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12 Aug 2013
EUR/JPY, bears may look to sell around 129.30 - 2ndSkies
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading at fresh session highs 128.68 following recent comments on the economy from Japan PM Abe, off recent session and fresh 1-month lows at 127.94 posted after worse than expected Japan GDP.
EUR/JPY showing sings it want sto roll over
“For the last two weeks, the EURJPY has been showing signs it wants to roll over, perhaps for a deep correction of the years uptrend,” said founder at 2ndSkiesForex, Chris Capre, noting “The pair has shown several characteristics of rolling over: a failed breakout, a crucial LH (lower high) which is most common in major trend reversals, and follow up impulsive selling. Also notice how the recent rally went to a key role reversal level and sold right back off,” Capre added.
“Next up is the key 127.51 major swing level from the Feb. highs A daily close below here puts pressure on 125 which was the June lows and buying point for the most recent rally. Bears can look to sell around 129.30, or look for a 4hr close below 128.24. Bulls will want to wait till the June lows before entering in new longs,” Capre concluded.
EUR/JPY key technical levels
Immediate support to the downside for EUR/JPY lies at recent session/1-month/July 10 lows 128.00/127.94, followed by June 21 lows at 127.73, while to the upside, closest resistance shows at recent session highs at 128.73, followed by July 12 lows at 128.89.
EUR/JPY showing sings it want sto roll over
“For the last two weeks, the EURJPY has been showing signs it wants to roll over, perhaps for a deep correction of the years uptrend,” said founder at 2ndSkiesForex, Chris Capre, noting “The pair has shown several characteristics of rolling over: a failed breakout, a crucial LH (lower high) which is most common in major trend reversals, and follow up impulsive selling. Also notice how the recent rally went to a key role reversal level and sold right back off,” Capre added.
“Next up is the key 127.51 major swing level from the Feb. highs A daily close below here puts pressure on 125 which was the June lows and buying point for the most recent rally. Bears can look to sell around 129.30, or look for a 4hr close below 128.24. Bulls will want to wait till the June lows before entering in new longs,” Capre concluded.
EUR/JPY key technical levels
Immediate support to the downside for EUR/JPY lies at recent session/1-month/July 10 lows 128.00/127.94, followed by June 21 lows at 127.73, while to the upside, closest resistance shows at recent session highs at 128.73, followed by July 12 lows at 128.89.