30 Jul 2013
EUR/JPY trading below 130.00 level
FXstreet.com (New York) - The EUR/JPY technical cross has edged lower during Asian trading, ahead of a tranche of economic data in Japan later today.
The EUR/JPY remains in negative territory, down a modest -0.11% off its opening Tuesday morning, currently trading in the region of 129.78 and establishing fresh lows. Briefing the technicals, the pair remains fortified by support at 129.77, ahead of 129.60.
EUR/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com. “The EUR/JPY remains fairly close to the 130.00 region, having found short-term support around 129.60. Technical readings in the hourly chart favor the downside, as the 100-day SMA crosses to the downside 200-day SMA, while indicators stand in negative territory. Larger time frames present a more limited bearish tone, as further slides are required to confirm a test of 128.80 support.”
The EUR/JPY remains in negative territory, down a modest -0.11% off its opening Tuesday morning, currently trading in the region of 129.78 and establishing fresh lows. Briefing the technicals, the pair remains fortified by support at 129.77, ahead of 129.60.
EUR/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com. “The EUR/JPY remains fairly close to the 130.00 region, having found short-term support around 129.60. Technical readings in the hourly chart favor the downside, as the 100-day SMA crosses to the downside 200-day SMA, while indicators stand in negative territory. Larger time frames present a more limited bearish tone, as further slides are required to confirm a test of 128.80 support.”