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1 Nov 2013
EUR/JPY heading towards ascending trendline support
FXstreet.com (Barcelona) - EUR/JPY is falling further along the Asian session, currently breaking through Thursday's low at 133.30, a technical event allowing further downside this Friday.
EUR/JPY trendline in focus
After the EUR bull massacre seen on Thursday, with prices sliding from the open of London up to the very last few minutes of New York, with little pullbacks in between, the sentiment towards Euro is at very low levels. Further expansion to the downside sees an ascending trendline from June lows at around 132.50 as possible target for sellers.
On the upside, while the primary trend continues to be higher, and that picture is unlikely to be technically compromised until an initial trendline breakout followed by the clearance of 131.10/131.00 swing low, potential recoveries are expected to be met by strong selling interest around 133.90/134.00 up to 134.30.
EUR/JPY trendline in focus
After the EUR bull massacre seen on Thursday, with prices sliding from the open of London up to the very last few minutes of New York, with little pullbacks in between, the sentiment towards Euro is at very low levels. Further expansion to the downside sees an ascending trendline from June lows at around 132.50 as possible target for sellers.
On the upside, while the primary trend continues to be higher, and that picture is unlikely to be technically compromised until an initial trendline breakout followed by the clearance of 131.10/131.00 swing low, potential recoveries are expected to be met by strong selling interest around 133.90/134.00 up to 134.30.