25 Jun 2013
EUR/JPY dips below 128.00
FXstreet.com (Barcelona) - With Shanghai Composite index plummeting at the moment -3.77% for the day, and most of local share markets back again to the red, EUR/JPY is last near session lows at 127.78, falling from fresh session highs at 128.66.
Yen strengthens as China stocks plummet
The cross is falling on the back of Yen strength and relative Euro weakness, with both pairs EUR/USD and USD/JPY near recent short term support lines. As FXWW founder Sean Lee noted, “EUR/JPY is trading towards its short-term bearish trend-line and I’m sure the EUR bears out there will be paying attention.”
Key technical levels
Immediate support to the downside for EUR/JPY lies at current levels as session lows 127.90, followed by Friday's lows at 127.76, and yesterday's weekly lows at 127.27. To the upside, closest resistance shows at yesterday's Asia-Pacific lows 128.13, followed by recent session highs at 128.67, and yesterday's weekly highs at 129.20.
Yen strengthens as China stocks plummet
The cross is falling on the back of Yen strength and relative Euro weakness, with both pairs EUR/USD and USD/JPY near recent short term support lines. As FXWW founder Sean Lee noted, “EUR/JPY is trading towards its short-term bearish trend-line and I’m sure the EUR bears out there will be paying attention.”
Key technical levels
Immediate support to the downside for EUR/JPY lies at current levels as session lows 127.90, followed by Friday's lows at 127.76, and yesterday's weekly lows at 127.27. To the upside, closest resistance shows at yesterday's Asia-Pacific lows 128.13, followed by recent session highs at 128.67, and yesterday's weekly highs at 129.20.