EUR/JPY Technical Analysis: Short-term bias still bullish but momentum eases
|- The euro is rising for the second day in a row against the yen but retreated significantly from the top, signaling difficulties to the upside.
- The move higher lost strength slightly below 130.00 and a consolidation on top would clear the way to more gains. Before that level, it needs to break and hold above 129.75.
- The current short-term bias is not clear, the key support is seen around 128.75 (20-SMA in 4 hour chart) and then at 128.50 (also the 20-day moving average). A daily close under 128.50 would increase the odds of a test of 128.00 and of September lows at 127.84.
Spot rate: 129.23
High: 129.80
Low: 128.75
Trend: Sideways
Resistance 1: 129.45
Resistance 2: 129.75
Resistance 3: 130.00
Support 1: 128.75 (Sep 11 low)
Support 2: 128.30 (Sep 4 low)
Support 3: 128.00
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.