Forex: EUR/JPY pushing higher, still negative for the week below 130

FXstreet.com (Barcelona) - EUR/JPY is currently pushing to the upside last at 129.68 on the back of Yen weakness as Nikkei index just opened in Tokyo at fresh almost 5-year highs above the 13700 points mark. The cross is still barely below previous weekly close Friday, mostly due to Euro weakness, but managing to bounce from yesterday's weekly lows at 127.90.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows indicators flat barely above their midlines, while price struggles just above 100 and 200 SMA’s,” the analyst says, adding: “In the 4 hours chart a certain negative tone develops, although needs to be confirmed with steady losses below the 128.80 area, at least for today.” In case of gains, she notes: “above 130.10 should open doors for and advance towards 130.60, while a break above this last should signal a retest of the 131.20/30 price zone,” Ms Bednarik suggests.

Valeria finds support levels at: 128.80, 128.20 and 127.60, while resistance levels at: 130.10, 130.60 and 131.30.