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3 Oct 2013
EUR/JPY extremely close to 132.22 support
FXstreet.com (Chicago) - EUR/JPY trades glued to immediate support around the 132.22 zone. Prior to Tokyo’s opening, the euro sustains gains acquired throughout Wednesday recovering most weekly losses.
On no so dovish comments by Draghi after announcing a 0.5% interest rate and ahead of foreign bond investment and foreign investment in Japanese stocks, market participants contain the pair’s smooth curve.
EUR/JPY Technical Levels
Price action reveals a pair that succumbs to gravitational pressures close to immediate support. On third wave from August 12th lows, the pair extended a climb that ended on September 18th starting a bearish channel. Printing 3-week lows along a bearish gap along the way, the pair’s decline was stopped around the 131.40 zone. Consolidating a potential reversal, the pair prints higher lows yet lower highs, and is offered at 132.22 to oscillate between supports aligned at 132.22 (September 16th highs) that if broken, faces 131.83 (September 18th highs) ahead of 131.43 (September 2nd highs) and the resistances set at 132.60 (September 28th lows), 133.00 (September 23rd lows), 133.30 (September 10th highs).
On no so dovish comments by Draghi after announcing a 0.5% interest rate and ahead of foreign bond investment and foreign investment in Japanese stocks, market participants contain the pair’s smooth curve.
EUR/JPY Technical Levels
Price action reveals a pair that succumbs to gravitational pressures close to immediate support. On third wave from August 12th lows, the pair extended a climb that ended on September 18th starting a bearish channel. Printing 3-week lows along a bearish gap along the way, the pair’s decline was stopped around the 131.40 zone. Consolidating a potential reversal, the pair prints higher lows yet lower highs, and is offered at 132.22 to oscillate between supports aligned at 132.22 (September 16th highs) that if broken, faces 131.83 (September 18th highs) ahead of 131.43 (September 2nd highs) and the resistances set at 132.60 (September 28th lows), 133.00 (September 23rd lows), 133.30 (September 10th highs).