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15 Nov 2013
EUR/JPY climbs to 134.74 session highs; keeps aiming higher
FXstreet.com (Chicago) - EUR/JPY continues consolidating a reversal that started last week after the release of GDP data in Europe and ahead of Tokyo’s opening.
Perspective
According to Valeria Bednarik, FXstreet.com analyst, “the EUR/JPY extended its advance as expected, holding now around daily highs, and with the hourly chart showing 100 SMA crossing above 200 one, both well below current price, while momentum attempts to regain the upside in positive territory. In the 4 hours chart the upward momentum is even stronger, eyeing now the 1.3500 area. Once above, price will likely accelerate further, with 135.50 as next probable bullish target.”
EUR/JPY Technical Levels
Technically speaking, the pair is on the fourth upward wave after consolidating a strong reversal from last week’s session lows around the 131.22 zone. After manifesting a flag that pushed the pair higher, the pair approaches immediate resistance at 134.78. Within the past two weeks, the pair has formed a double tops pattern (October 21st highs and October 30th highs). Offered at 134.65, the pair oscillates between the supports aligned at 134.24 (November 4th highs), 133.74 (October 14th highs) ahead of 133.31 (October 28th lows) and the resistances set at 134.78 (September 18th highs), 135.44 (October 30th highs) followed by 135.94 (November 9th highs 2009). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.
Perspective
According to Valeria Bednarik, FXstreet.com analyst, “the EUR/JPY extended its advance as expected, holding now around daily highs, and with the hourly chart showing 100 SMA crossing above 200 one, both well below current price, while momentum attempts to regain the upside in positive territory. In the 4 hours chart the upward momentum is even stronger, eyeing now the 1.3500 area. Once above, price will likely accelerate further, with 135.50 as next probable bullish target.”
EUR/JPY Technical Levels
Technically speaking, the pair is on the fourth upward wave after consolidating a strong reversal from last week’s session lows around the 131.22 zone. After manifesting a flag that pushed the pair higher, the pair approaches immediate resistance at 134.78. Within the past two weeks, the pair has formed a double tops pattern (October 21st highs and October 30th highs). Offered at 134.65, the pair oscillates between the supports aligned at 134.24 (November 4th highs), 133.74 (October 14th highs) ahead of 133.31 (October 28th lows) and the resistances set at 134.78 (September 18th highs), 135.44 (October 30th highs) followed by 135.94 (November 9th highs 2009). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.