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17 Apr 2013
Forex: EUR/JPY finds support at 128.10
FXstreet.com (Córdoba) - The euro weakened broadly, dropping over 150 pips against the yen, after former ECB board member Bini Smaghi said the bank must find way to avoid euro gains.
EUR/JPY was rejected from the 129.75 area and fell to a low of 128.09, where the 50-hour SMA helped to contain the setback. At time of writing, the pair is trading around 128.20, where it records a 0.2% loss on the day, having been 0.9% up at one stage.
As for technical levels, immediate support levels for the cross could be found at 128.20 (intraday low), 127.90 (38.2% of 125.00/129.73) and 127.20. On the upside, resistances are seen at 129.75 (intraday high) and 130.00 (psychological level).
EUR/JPY was rejected from the 129.75 area and fell to a low of 128.09, where the 50-hour SMA helped to contain the setback. At time of writing, the pair is trading around 128.20, where it records a 0.2% loss on the day, having been 0.9% up at one stage.
As for technical levels, immediate support levels for the cross could be found at 128.20 (intraday low), 127.90 (38.2% of 125.00/129.73) and 127.20. On the upside, resistances are seen at 129.75 (intraday high) and 130.00 (psychological level).