by Wed, 14 Apr 2010 11:36:00 +0200
Forex: EUR/JPY breaks above 127.45 and hits week high at 127.65
FXstreet.com (Barcelona) - The Euro is rallying against the Yen, which is weakening across the board as risk appetite improves, and the pair's rebound from 125.65 low on Tuesday has broken above 127.45 Monday's high, to reach 127.65 area, approaching 2-months high at 127.90.
Moving averages are showing bullish signs, and, according to the Varengold Bank Research Team, the pair could extend to 127.89: "The short-term moving average crossed its long-term counterpart and in considering of the rising positive DMI indicator it may suggest further bullish movements and if the currency pair could cross its resistance it may pave the way to the 127.89 level."
| Technical Analysis (2010-04-14 09:23 GMT) | |
|---|---|
EUR/JPY 127.61/127.68 - O: 127.62 H: 127.66 L: 127.53 C: 127.61 | |
| Trend | R3: 128.37 |
 | R2: 128.05 |
| R1: 127.73 | |
| S1: 126.91 | |
| S2: 127.23 | |
| S3: 127.55 | |
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