Forex: EUR/JPY stalls above 111.00 on taking profits
FXstreet.com (Barcelona) - As EURUSD deepens to fresh session lows and USDJPY stalls the retrace around the 84.00 figure, EURJPY looks stable around the 110.50 mark for last 3 hours, still a +0.55% higher since previous weekly close Friday. The cross currently retraces from fresh 8 ½ month highs printed at early session top 111.22.
"There hasn't been much bounce in EURJPY over the last few hours so a move lower to close the opening gap still seems quite feasible. Early Europe may have another try above 111.00 but I fancy there will be plenty of profit-takers now waiting up there," FXWW founder Sean Lee notes.
Immediate resistance to the upside for EURJPY shows at recent session and 8 ½ month high at 111.22, followed by March 27 highs at 111.26, and March 21 highs at 111.43. To the downside, nearest term support lies at recent session lows 110.36, followed by Friday's high and weekly closing price at 109.98, and Thursday's highs at 109.53.
"There hasn't been much bounce in EURJPY over the last few hours so a move lower to close the opening gap still seems quite feasible. Early Europe may have another try above 111.00 but I fancy there will be plenty of profit-takers now waiting up there," FXWW founder Sean Lee notes.
Immediate resistance to the upside for EURJPY shows at recent session and 8 ½ month high at 111.22, followed by March 27 highs at 111.26, and March 21 highs at 111.43. To the downside, nearest term support lies at recent session lows 110.36, followed by Friday's high and weekly closing price at 109.98, and Thursday's highs at 109.53.
Free Annual Reports
