Forex: EUR/JPY capped below 122.00

With Eurogroup meetings still going on in Brussels and a bailout for Cyprus likely to happen before month ends, Reuters reported, EUR/JPY is last at 121.78, around daily and weekly highs, recovering previous weekly close price, off daily lows at 121.14. The cross is quiet now as EUR/USD and USD/JPY are both near session highs, flat for the week so far, with almost no upside yet seen.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “Technical readings in the hourly chart are flat, with price in between 100 and 200 SMA’s, which distance continues to shrink, reflecting the lack of direction of the pair,” the analyst says, expanding: “In the 4 hours chart the picture is the same, with no much clues on direction for the upcoming hours: price needs to clearly break Fibonacci levels 122.00/121.20, to establish a clearer intraday trend,” she concludes.

Support levels are located by Valeria at: 121.20, 120.90 and 120.40, while resistance levels at: 122.00, 122.30 and 122.80.