EURJPY's Resistance

by Ashraf Laidi

May 5, 2009 11:55

EURJPYs ascent to 3-week highs looks increasingly unsustainable from a momentum stand point, with oscillators showing a bearish divergence from the advancing price action. In contrast to the aggressive gains in AUDJPY, NZDJPY and GBPJPY, EURJPY showed faced resistance at 132.80-00. Todays Eurozone April PPI figures showed the biggest annual decline in 22 hears, which could mean the ECB has little choice but to announce the framework for quantitative easing at Thursdays press conference. 130.90 stands as the next main support, followed by 129.70. The combination of ECB information on Thursday and US stress tests on Thursday evening could well be the fundamental catalyst for protracted selling. Upside capped at 134.40.

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