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5 Apr 2013
Forex: EUR/JPY biggest single day rally on record above 125.30
FXstreet.com (Barcelona) - EUR/JPY is last a 125.25, fresh 3-week highs, a +4.85% higher from yesterday's Asia-Pacific open, mostly on the back of Yen weakness, though also helped on some Euro strength, following both central bank meetings yesterday from BoJ and ECB. The single day advance in the cross must be probably the biggest on record.
“The hourly chart shows technical indicators correcting from extreme overbought levels, although price remains steady near the highs, suggesting not much selling interest around and scope for further advances,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In bigger time frames, the outlook is also positive and the risk that NFP represented for JPY has now diminished: crosses seem poised to continue advancing despite any possible yen spike tomorrow,” she concludes.
Valeria spots support levels at: 124.00, 123.60 and 123.10, while resistance levels at: 124.80, 125.50 and 125.70.
“The hourly chart shows technical indicators correcting from extreme overbought levels, although price remains steady near the highs, suggesting not much selling interest around and scope for further advances,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In bigger time frames, the outlook is also positive and the risk that NFP represented for JPY has now diminished: crosses seem poised to continue advancing despite any possible yen spike tomorrow,” she concludes.
Valeria spots support levels at: 124.00, 123.60 and 123.10, while resistance levels at: 124.80, 125.50 and 125.70.