24 Oct 2013
EUR/JPY aims higher; targets 134.40 consolidation
FXstreet.com (Chicago) - EUR/JPY sprinted to 134.43 session highs and now attempts a consolidation above the 134.40 zone printing 0.21% daily gains so far at Tokyo’s opening and after Japanese data releases.
Experts’ views
According to FXstreet.com analyst, Valeria Bednarik the “yen strength extended towards the European session, although the currency crosses saw some recovery during US trading hours. Nevertheless the EUR/JPY lost over 100 pips, and the hourly chart shows indicators aiming higher, but still in negative territory as 100 SMA caps the upside around 134.30. The 4 hours chart shows indicators flat in neutral territory, suggesting the pair may have bottomed in the short term. However, steady gains above 134.40 are required to confirm an upward continuation for today.”
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 134.40 and oscillates between the supports aligned at 134.30 (October 18th lows), 133.94 (October 17th highs) ahead of 133.57 (October 19th highs) and the resistances set at 134.69 (September 20th highs), 134.94 (September 19th highs) followed by 135.33 (October 23rd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.
Experts’ views
According to FXstreet.com analyst, Valeria Bednarik the “yen strength extended towards the European session, although the currency crosses saw some recovery during US trading hours. Nevertheless the EUR/JPY lost over 100 pips, and the hourly chart shows indicators aiming higher, but still in negative territory as 100 SMA caps the upside around 134.30. The 4 hours chart shows indicators flat in neutral territory, suggesting the pair may have bottomed in the short term. However, steady gains above 134.40 are required to confirm an upward continuation for today.”
EUR/JPY Technical Levels
Technically speaking, the pair is offered at 134.40 and oscillates between the supports aligned at 134.30 (October 18th lows), 133.94 (October 17th highs) ahead of 133.57 (October 19th highs) and the resistances set at 134.69 (September 20th highs), 134.94 (September 19th highs) followed by 135.33 (October 23rd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.