- Rise in EUR/USD pushing EUR/JPY cross higher, move unconvincing, lacks clear fundamental trigger
- The ECB accounts due later today to influence direction from the current levels
- Tenkan & kijun lines are negatively aligned ahead, but Stochs and RSI point to strength short-term
- An element of caution for bulls is advised, with a series of minutes from the BOE, ECB and Fed lined for release today
- EUR/JPY is currently trading at 135.25, with immediate minor resistance at 135.47 (55 EMA), strong resistance by trend line at 136.00
- On the flipside strong support is seen at 134.72 (day’s low and converging 10 and 200 DMA), and further below at 134.62 (Daily Low Oct 7)
Resistance Levels:R1: 135.47 (55 EMA)R2: 135.78 (61.8% Fibo 137.40-133.18)R3: 135.72 (Daily High Oct 5(day’s low and converging 10 and 200 DMA)Support Levels:S1: 134.72 (day’s low and 200 DMA)S2: 134.62 (Daily Low Oct 7)S3: 134.59 (Tenkan-Sen)
The material has been provided by InstaForex Company – www.instaforex.com