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26 Feb 2013
Forex: EUR/JPY finds support at 119.00
The generalized yen strength is driving the cross lower on Tuesday, as risk aversion is reining in the markets. The intraday downside found buying interest in the boundaries of 119.00, recovering some pips afterwards to the current levels around 119.50
“Intraday rallies should now find resistance at 122.00, 122.73 and should remain capped by 125.36 for a negative bias to be maintained (high from 25th February)”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
At the moment, the pair is losing 0.41% at 119.43
Next support levels line up at 118.80 (low Feb.25) followed by 118.74 (low Jan.25) en route to 118.34 (high Jan,23).
On the flip side, a breakout of 121.35 (high Feb.26) would accelerate the upside towards 122.25 (low Feb.21) ahead of 122.39 (Kijun Sen line).
“Intraday rallies should now find resistance at 122.00, 122.73 and should remain capped by 125.36 for a negative bias to be maintained (high from 25th February)”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
At the moment, the pair is losing 0.41% at 119.43
Next support levels line up at 118.80 (low Feb.25) followed by 118.74 (low Jan.25) en route to 118.34 (high Jan,23).
On the flip side, a breakout of 121.35 (high Feb.26) would accelerate the upside towards 122.25 (low Feb.21) ahead of 122.39 (Kijun Sen line).