EUR/JPY analysis: below key 129.60 resistance
EUR/JPY Current price: 129.16
The Japanese is the overall winner across the FX board, followed by the Swissy, save-havens par excellence. The EUR/JPY pair fell down to 128.41, its lowest in over a month, and settled at 129.15, still below the key support, now resistance area around 129.60. Geopolitical jitters led the way lower, with US Treasury yields falling to their lowest in six weeks, on increasing demand for bonds. The 10-year note benchmark traded as low as 2.22% from previous 2.28%, later stabilizing around 2.24%. US mixed data failed to boost the greenback, helping the JPY to retain its early strength by the end of the day. Technically, the 4 hours chart shows that the price is developing below its 100 and 200 SMAs, below the largest for the first time in over a month, while technical indicators retain their negative tone within oversold territory, anticipating some further slides ahead, should the negative sentiment extends into Thursday, moreover if the pair can't recover beyond the mentioned 129.60 resistance.
Support levels: 129.60 129.20 128.70
Resistance levels: 130.10 130.45 130.80
Author
Valeria Bednarik
FXStreet
Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.
