FXstreet.com (Barcelona) - EUR/JPY, currently at 103.13, keeps fighting with the neck line of a short term head and shoulders pattern built and clearly visible in 30 minute charts and up to 4H ones, being the head last 6-month highs from Oct 23 at 104.60. This high is coincident with current downside trend line coming from April 2011 highs at 123.30.
The cross found support yesterday around the 200 day SMA last at 102.08, following BoJ monetary policy statement, printing an 11-day low at 102.17, now recovered and retracing from recent fresh weekly highs at 103.33 from late London session Tuesday. EUR/JPY has bounced an impressive +9.4% from 12-year lows late July around 94.04 to recent mentioned highs at 104.60.
Immediate resistance to the upside for EUR/JPY show at recent weekly/session highs 103.33, followed by Oct 25 lows at 103.52, and Oct 18 highs at 104.18. To the downside, nearest term support lies at Friday's lows 102.67, followed by yesterday's lows/200 day SMA at 102.17/08, and June 21 highs at 101.62.
The cross found support yesterday around the 200 day SMA last at 102.08, following BoJ monetary policy statement, printing an 11-day low at 102.17, now recovered and retracing from recent fresh weekly highs at 103.33 from late London session Tuesday. EUR/JPY has bounced an impressive +9.4% from 12-year lows late July around 94.04 to recent mentioned highs at 104.60.
Immediate resistance to the upside for EUR/JPY show at recent weekly/session highs 103.33, followed by Oct 25 lows at 103.52, and Oct 18 highs at 104.18. To the downside, nearest term support lies at Friday's lows 102.67, followed by yesterday's lows/200 day SMA at 102.17/08, and June 21 highs at 101.62.
