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10 Jul 2013
EUR/JPY still contained below 129.50
FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is last trading at 129.27 bids, off late NY session weekly lows at 128.68, printed on the back of massive Euro weakness following S&P credit agency downgrading Italy's sovereign debt.
EUR/JPY weakness below 129.50 leads to more slides
According to the FXMarketAlerts Team, “EUR sellers have rejected the early bid, pushing the mkt below 129.50. Sustained trade beneath this level will lead to more weakness that can pierce 128.40 into Wed. Stabilization above 129.50 would improve the S/T posture and leave scope for a run back to Y130+.”
EUR/JPY key technical levels
Immediate resistance to the upside for EUR/JPY shows at current levels as Monday's previous weekly lows 129.40, followed by June 28 highs at 129.65, and July 02 lows at 129.81. To the downside, closest support lies at July 04 lows 128.83, followed by recent fresh weekly lows 128.68, and Friday's lows at 128.56.
EUR/JPY weakness below 129.50 leads to more slides
According to the FXMarketAlerts Team, “EUR sellers have rejected the early bid, pushing the mkt below 129.50. Sustained trade beneath this level will lead to more weakness that can pierce 128.40 into Wed. Stabilization above 129.50 would improve the S/T posture and leave scope for a run back to Y130+.”
EUR/JPY key technical levels
Immediate resistance to the upside for EUR/JPY shows at current levels as Monday's previous weekly lows 129.40, followed by June 28 highs at 129.65, and July 02 lows at 129.81. To the downside, closest support lies at July 04 lows 128.83, followed by recent fresh weekly lows 128.68, and Friday's lows at 128.56.