- The euro is rising for the second day in a row against the yen but retreated significantly from the top, signaling difficulties to the upside.
- The move higher lost strength slightly below 130.00 and a consolidation on top would clear the way to more gains. Before that level, it needs to break and hold above 129.75.
- The current short-term bias is not clear, the key support is seen around 128.75 (20-SMA in 4 hour chart) and then at 128.50 (also the 20-day moving average). A daily close under 128.50 would increase the odds of a test of 128.00 and of September lows at 127.84.
Spot rate: 129.23
Resistance 1: 129.45
Resistance 2: 129.75
Resistance 3: 130.00
Support 1: 128.75 (Sep 11 low)
Support 2: 128.30 (Sep 4 low)
Support 3: 128.00
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