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Forex pairs in this Article » EUR/JPY (Barcelona) - EURJPY is currently selling off at fresh session lows 102.02, down for the day so far a -0.59% from previous weekly close Friday, following both Euro weakness and Yen strength. "EURJPY rise rejected Friday at 102.84, 76.4% of 103.84-99.58 decline", say IFR Market analysts Krishna K. and Rick Lloyd.

This "Suggests rebound may be corrective," they continue, noting: "Trendline from July 2008 highs intersects around 102.95 this week," while a "Sustained move above 102.85-95 would open more upside," Krishna and Rick conclude. Low liquidity given Tokyo is closed for holiday while the US will extend third weekend's day for Columbus Day as well this Monday, might cause wild moves either way in case sudden headlines hit the wires.

Immediate support to the downside for EURJPY shows at Friday's lows 101.86, followed by Thursday's lows and 0.5 retrace of latest up leg 99.78/102.80 at 101.30, and Wednesday's lows/Sept 28 highs at 100.70. For the upside, closest resistance comes at Thursday's highs 102.20, followed by Friday's NY session lows at 102.40, and Friday's/fresh 2-week highs at 102.80.
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