EUR/JPY flat around 131.50 waiting for Kuroda

FXstreet.com (Barcelona) - EUR/JPY is last at 131.48, pretty much unchanged for last few hours since early NY trade, as EUR/USD has been down while USD/JPY higher, thus balancing each other. The cross is off weekly highs at 132.18, printed at the NY open, up +0.35% for the week so far.

Less than 1 hour away from the Tokyo open, when some volatility is expected, Valeria Bednarik, Chief Analyst at Fxstreet.com, notes: “The hourly chart shows price in between 100 and 200 SMA’s while indicators lose bearish potential right around their midlines.”

“In bigger time frames technical indicators present a neutral stance, hovering around their midlines, and despite latest recovery, further gains remain limited,” the analyst expands, adding: “Price needs to consolidate and extend beyond 132.00 to be able to continue advancing, while range trading continues to be favored among these two weak currencies,” she concludes.

Valeria finds support levels at: 131.00, 130.60 and 130.20, while resistance levels at: 132.00, 132.65 and 133.10.