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EUR/JPY rejected from Fibo resistance

By FXstreet.com,  June 21, 2012, 05:26:00 PM EDT

FXstreet.com (San Francisco) - The weekly rebound in EUR/JPY stalled at key Fibonacci resistance on Thursday, climbing as high as 101.60 before encountering offers at the 38.2% retracement level of the 111.41/95.55 selloff.

After the 4-week high peak, the pair saw a sharp retreat and fell to as low as 100.49 before closing the NA session down 0.4% to 100.64 vs. 101.03 late Wednesday.

So far in early Asia, EUR/JPY sits quietly around the 100.60/65 area, with immediate support noted at 100.31 (25 May high), 99.92, then at 99.52 (31 Jan low). To the upside, a cluster of resistance lies in the 100.95-101.00 price zone and, should the market push above the mentioned Fibo resistance, selling interest may be found at 101.91 (16 Feb low).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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