Back
26 Mar 2013
Forex: EUR/JPY unable to hold above 121.00
FXstreet.com (Córdoba) - The EUR/JPY posted the lowest daily close since late February on Monday at 121.10. During the American session bottomed at 120.06 but bounced afterwards rising more than a hundred pips. Currently is trading at 120.90/05 as market awaits the testimony of Kuroda, Bank of Japan's governor.
“The extreme oversold readings reached in the hourly chart have been corrected, and RSI turns flat just above 30, which suggest the pair can resume its slide in the upcoming hours, as long as below 121.60 former lows and now immediate resistance”, says Valeria Bednarik, chief analyst at Fxstreet.com.
According to her, the EUR/JPY is also biased lower in the 4 hours charts “pointing for a deeper downside correction of past months bullish trend”. To the downside support levels lie at 120.50, 119.90 and 119.30.
“The extreme oversold readings reached in the hourly chart have been corrected, and RSI turns flat just above 30, which suggest the pair can resume its slide in the upcoming hours, as long as below 121.60 former lows and now immediate resistance”, says Valeria Bednarik, chief analyst at Fxstreet.com.
According to her, the EUR/JPY is also biased lower in the 4 hours charts “pointing for a deeper downside correction of past months bullish trend”. To the downside support levels lie at 120.50, 119.90 and 119.30.