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15 Mar 2013
Forex: EUR/JPY bounces after 150-pip drop
FXstreet.com (Córdoba) - The euro saw an over 150-pip slide against the yen after failure to overcome the 125.75 area and mixed US data put the cross under pressure during the New York session.
EUR/JPY reversed intraday gains and turned negative by falling to a low of 124.20, before finding support and bouncing slightly. At time of writing, EUR/JPY is trading around 124.50 where it records a 0.4% daily loss.
As for technical levels, next supports are seen at 124.20/10 (intraday low/200-hour SMA) and 123.80 (Mar 8 low). On the other hand, resistances are now seen at 125.77 (intraday high), 126.00 (psychological level) and 126.55 (Feb 13 high).
EUR/JPY reversed intraday gains and turned negative by falling to a low of 124.20, before finding support and bouncing slightly. At time of writing, EUR/JPY is trading around 124.50 where it records a 0.4% daily loss.
As for technical levels, next supports are seen at 124.20/10 (intraday low/200-hour SMA) and 123.80 (Mar 8 low). On the other hand, resistances are now seen at 125.77 (intraday high), 126.00 (psychological level) and 126.55 (Feb 13 high).