Forex: EUR/JPY gravitating around 120.70

FXstreet.com (Barcelona) - EUR/JPY is last at 120.72, same level Tuesday Asian session lows, gravitating around it since early Monday NY session when the cross dived on Euro weakness following EU's unfortunate comments about the Cyprus banking crisis. The cross is down -1.55% for the week so far, while Nikkei index is about flat for the day, and most of the Asian markets are closed over holiday.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “the hourly chart shows indicators flat in neutral territory, yet moving averages heading lower above current price,” the analyst says, adding: “4 hours chart shows technical readings in negative territory, supporting the dominant trend. Key support remains at 118.70 area, and a break below should anticipate a larger fall up to 116.10 price zone,” she suggests.

Valeria sees support levels at: 120.50, 119.90 and 119.30, while resistance levels at: 120.80, 121.45 and 122.00.