EUR/JPY analysis: heavy EUR supporting a retest of 122.40
|EUR/JPY Current price: 124.17
The EUR/JPY pair managed to close the day with some modest gains, but overall trading heavily, as daily basis, the cross has posted a lower low and a lower high. The recovery can be attributed to a recovery in the common currency after Tuesday's decline, while the JPY edged marginally lower amid strong US housing data, but with the decline limited amid the neutral tone of Treasury yields. The short term picture for the pair is neutral, with the price still swinging back and forth around directionless moving averages, and technical indicators heading nowhere around their mid-lines. The pair fell intraday down to 123.65, now an intraday support, but a stronger one remains at 123.20, where the pair has the 23.6% retracement of its latest bullish run. A bearish breakout of this last, exposed this June low of 122.40, while only beyond 125.80, the pair can enter a bullish market, quite unlikely given the latest EUR behavior.
Support levels: 123.90 123.65 123.20
Resistance levels: 124.50 124.90 25.35
View Live Chart for the EUR/JPY
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