by Wed, 23 Mar 2011 02:38:00 +0100
Forex: EUR/JPY retreats as Portugal vote nears
FXstreet.com (Córdoba) - Euro crosses are under pressure ahead of the Portugal vote later this Wednesday; Portugal's parliament will vote on the government's latest austerity measures and PM Socrates has threatened to resign if the opposition fails to approve the bill.
EUR/JPY holds near its recent highs, although it has dropped over 50 pips during the Asian session, also weighted by the losses in the Nikkei, which is near 1.5% down today. The cross recently set a fresh weekly low at 114.43.
At time of writing, EUR/JPY is trading at the 114.65 zone, below the 20 SMA in both 1- and 4-hour charts. On the downside, next supports could be found at 114.40 ahead of 114.00, while on the upside, resistance levels might be faced around 115.00 and 115.50.
| Technical Analysis (2011-03-23 01:30 GMT) | |
|---|---|
EUR/JPY 114.66/114.73 - O: 110.075 H: 110.315 L: 110.055 C: 110.285 | |
| Trend | R3: 115.27 |
 | R2: 114.98 |
| R1: 114.70 | |
| S1: 114.08 | |
| S2: 114.37 | |
| S3: 114.65 | |
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