For the third time, bulls on this pair could not break the local top at 130.35. This weakness had already drovin them towards local supports at 129.95 and 129.80. The first one was broken during the Asian session, and will be the closest resistance at the start of the European session. The bearish movement is supported by the blue line, which is connecting recent lower highs.
EUR/JPY" title="EUR/JPY" width="659" height="323">
The price is getting closer to the mid-term uptrend line (red) and we can assume that it will act as a strong support. If bears manage to break it, we should expect a further drop aiming for the 129.30 support.
The current sentiment stays negative in the short run, but in the longer run traders can remain positive and use the lower levels for opening long positions.
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EUR/JPY Fails At 130.35 For The Third Time
Published 05/09/2013, 08:14 AM
Updated 01/31/2022, 02:45 AM
EUR/JPY Fails At 130.35 For The Third Time
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