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Forex: EUR/JPY rally hits 120; set for pullback toward 116?

By FXstreet.com,  January 14, 2013, 05:49:00 PM EDT

FXstreet.com (San Francisco) - EUR/JPY gained further ground Monday, peaking at a near 2-year high of 120.10 before closing the North American session around 119.70 vs. 118.95 late Friday. "EUR/JPY has steadied below 120.00 and it may well sit back and have a consolidative rest and allow the crosses some share of the limelight," says Sean Lee, Managing Director of FXWW. "The 4-hour chart is trying to form an interim top near the important psychological level of 120.00 and there seems to be scope for a possible retracement towards 116.00."

Should the cross manage to pull back toward the mentioned 116 level, price must first take out bids around the 9-day EMA and 78.6% Fibo support (today circa 117.10). Further upward extensions would next target the 121.30 mark (Aug 1997 low), then 123.60 (100-month EMA).




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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