EUR/JPY, will drive be enough?

FXstreet.com (Chicago) - EUR/JPY fell below 130.00 earlier today as the yen strengthened across the board. Attempting to recover earlier losses, the pair edges higher but seems cap by 130.10 ceiling.

In Europe, no market action took place due to Assumption Day. In Japan, the yen strengthened against major currencies at the aftermath of foreign investment data in the country.

Technically speaking, the pair trades at 129.95 between supports at 129.89 (August 1st lows), 129.72 (June 20th highs) ahead of 129.58 (July 29th lows) and resistances at 130.10 (July 8th highs), 130.38 (July 11th highs) followed by 130.54 (August 4th lows). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis, accumulating 0.10% daily losses so far.

According to the ICN technical analysis team, “the trading range expected today is between the main support at 128.80 and the main resistance at 131.00.”