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13 Jun 2013
EUR/JPY consolidating below 126.00 the figure
FXstreet.com (Edinburgh) - The EUR/JPY continues to grind lower on Thursday, following the opposing forces in the shared currency and the Japanese yen.
Yen strength would weight on EUR/JPY
The cross is extending its steep correction from last week’s highs above 131.00 to today’s lows below the key support at 125.00. According to I.Spivak, Currency Strategist at DailyFX, “Prices broke support marked by a rising trend line set from mid-November 2012 and the 38.2% Fibonacci retracement at 128.19. Sellers are now testing through the 50% level at 126.45, with a close beneath that eyeing the 61.8% Fib at 124.72. Alternatively, a close back above the trend line (now at 128.63) targets a downward-sloping resistance level at 131.00”.
EUR/JPY levels to watch
The cross is now losing 1.94% at 125.58 with the next support at 124.46 (23.6% of 94.12-133.82) followed by 123.88 (low Apr.5) and then 123.69 (61.8% of 119.12-131.10). On the upside, a breakout of 126.99 (low Jun.12) would expose 128.04 (high Jun.13).
Yen strength would weight on EUR/JPY
The cross is extending its steep correction from last week’s highs above 131.00 to today’s lows below the key support at 125.00. According to I.Spivak, Currency Strategist at DailyFX, “Prices broke support marked by a rising trend line set from mid-November 2012 and the 38.2% Fibonacci retracement at 128.19. Sellers are now testing through the 50% level at 126.45, with a close beneath that eyeing the 61.8% Fib at 124.72. Alternatively, a close back above the trend line (now at 128.63) targets a downward-sloping resistance level at 131.00”.
EUR/JPY levels to watch
The cross is now losing 1.94% at 125.58 with the next support at 124.46 (23.6% of 94.12-133.82) followed by 123.88 (low Apr.5) and then 123.69 (61.8% of 119.12-131.10). On the upside, a breakout of 126.99 (low Jun.12) would expose 128.04 (high Jun.13).