11 Nov 2013
EUR/JPY finds offers at 132.50, last week's trendline left behind
FXstreet.com (Barcelona) - EUR/JPY upward correction was met with an offers-sensitive area at 132.50, leading to a slight retreat off its session highs towards 132.30 despite the Nikkei 225 is up by more than 1% in early Japanese trade.
EUR/JPY: daily range, bearish intraday
From a daily perspective, the daily charts reveals range-bound conditions, with price confined between 135.20/30 (double top) and 131.20/30 (level established since early Sept). From an intraday basis, the recent breakout of an ascending trendline through 132.50/60 last Thursday on the ECB rate cut keeps pressure skewed to the downside.
A more in depth technical view was provided by Valeria Bednarik, Chief Analyst at FXstreet.com, noting: "In the hourly chart, indicators look slightly exhausted to the upside, while 100 SMA offers dynamic resistance around 132.70, so steady gains above this last are required to confirm further gains, eyeing 133.40 200 SMA in the same time frame." Overall, Bednarik sees little technical evidence on any further advances in the coming sessions.
EUR/JPY: daily range, bearish intraday
From a daily perspective, the daily charts reveals range-bound conditions, with price confined between 135.20/30 (double top) and 131.20/30 (level established since early Sept). From an intraday basis, the recent breakout of an ascending trendline through 132.50/60 last Thursday on the ECB rate cut keeps pressure skewed to the downside.
A more in depth technical view was provided by Valeria Bednarik, Chief Analyst at FXstreet.com, noting: "In the hourly chart, indicators look slightly exhausted to the upside, while 100 SMA offers dynamic resistance around 132.70, so steady gains above this last are required to confirm further gains, eyeing 133.40 200 SMA in the same time frame." Overall, Bednarik sees little technical evidence on any further advances in the coming sessions.