EUR/JPY: 129.80 key breakdown support – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the EUR/JPY pair fell down to 129.76, its lowest since late April, still led by EUR self weakness.

Key Quotes:

“The Japanese yen surged at the beginning of the day, helped by BOJ Minutes which showed that policy member have decided to extend the time frame for achieving the 2% inflation target, somehow denying the possibility of a QE extension during the upcoming months.”

“Short term, the 1 hour chart shows that the price’s intraday recovery stalled well below a bearish 100 SMA, whilst the technical indicators have resumed their declines well into negative territory after correcting oversold readings, in line with further declines.”

“In the 4 hours chart the technical indicators have bounced from oversold levels, but turned flat well below their mid-lines, in supporting additional declines on a break below 129.80, now the immediate support.”
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Source:: FX Street