Forex: EUR/JPY bouncing off lows, around 114.10
Forex pairs in this Article »
EUR/JPY
FXstreet.com (Barcelona) - After bottoming in the 113.60 region, the pair has gained some traction and is now trading above 114.00, ahead of the FOMC minutes.
In the opinion of I.Spivak, Currency Strategist at DailyFX, "prices are pulling back from resistance at 115.28, the 38.2 Fibo expansion. Near term support is at 113.50, the 23.6% level. A break below that exposes the 14.6% expansion at 112.39. Alternatively, a reversal above resistance eyes the 50% Fib. at 116.71".
At the moment the pair is down 0.90% at 114.13 with the next support at 113.56 (Tenkan-Sen line) followed by 113.22 (low Dec.31 2012) and then 113.04 (low Dec.27 2012).
On the flip side, a breakout of 114.75 (hourly cloud base) would aim to 115.17 (high Jan.3) and finally 115.65 (hourly high Jan.2).
In the opinion of I.Spivak, Currency Strategist at DailyFX, "prices are pulling back from resistance at 115.28, the 38.2 Fibo expansion. Near term support is at 113.50, the 23.6% level. A break below that exposes the 14.6% expansion at 112.39. Alternatively, a reversal above resistance eyes the 50% Fib. at 116.71".
At the moment the pair is down 0.90% at 114.13 with the next support at 113.56 (Tenkan-Sen line) followed by 113.22 (low Dec.31 2012) and then 113.04 (low Dec.27 2012).
On the flip side, a breakout of 114.75 (hourly cloud base) would aim to 115.17 (high Jan.3) and finally 115.65 (hourly high Jan.2).
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