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9 Aug 2013
EUR/JPY finds support at 128.30
FXstreet.com (Córdoba) - The EUR/JPY resumed the downside today, following a bullish correction Thursday after finding resistance at the 100-hour SMA.
EUR/JPY was rejected by the 129.70 area during the Asian session, and having dropped over 130 pips ever since, it recently bottomed out at 128.30 a few pips above yesterday’s trough. At time of writing, the euro-yen cross is trading at 128.65, still 0.5% down on the day.
EUR/JPY technical levels
In terms of technical levels, EUR/JPY could face immediate supports at 128.30 (daily low) and 128.21 (Aug 8 low) and 128.00 (psychological level), while resistances are seen at 129.40 (100-hour SMA) and 129.70 (daily high) ahead of 130.00 (psychological level).
EUR/JPY was rejected by the 129.70 area during the Asian session, and having dropped over 130 pips ever since, it recently bottomed out at 128.30 a few pips above yesterday’s trough. At time of writing, the euro-yen cross is trading at 128.65, still 0.5% down on the day.
EUR/JPY technical levels
In terms of technical levels, EUR/JPY could face immediate supports at 128.30 (daily low) and 128.21 (Aug 8 low) and 128.00 (psychological level), while resistances are seen at 129.40 (100-hour SMA) and 129.70 (daily high) ahead of 130.00 (psychological level).