8 Aug 2013
EUR/JPY prints fresh 1-month lows ahead of BoJ
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading at 128.65, off recent fresh 1-month lows at 128.41, ahead of Japan current account at 23:50 GMT and BoJ later on.
EUR/JPY chances of an upward correction diminishing
“Japanese yen strengthen as BOJ monetary policy promises no action this month, with the EUR/JPY trading at its lowest level in near a month” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “As the day advances, price stands below 100 DMA, currently around 128.80, first time below it since early June, which reflects the dominant bearish trend. In the hourly chart, price continues to post lower lows, giving no chances of an upward correction.”
EUR/JPY key technical levels
Bednarik finds support levels at: 128.00, 127.30 and 126.80, while resistance levels at: 128.80, 129.40 and 130.00.
EUR/JPY chances of an upward correction diminishing
“Japanese yen strengthen as BOJ monetary policy promises no action this month, with the EUR/JPY trading at its lowest level in near a month” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “As the day advances, price stands below 100 DMA, currently around 128.80, first time below it since early June, which reflects the dominant bearish trend. In the hourly chart, price continues to post lower lows, giving no chances of an upward correction.”
EUR/JPY key technical levels
Bednarik finds support levels at: 128.00, 127.30 and 126.80, while resistance levels at: 128.80, 129.40 and 130.00.