FX.co ★ EUR/JPY - sell bellow 1.2917 - for April 17, 2013 (daily strategy)

The EUR/JPY pair is trading below the weekly pivot. Now it acts as a resistance level. During the European session the pair was trading above this level. However, the pair has lost upward force because its base currency, the euro, has the bearish outlook. It is likely to be below this level if the pair falls to the first weekly support 127.23. Below this level, the fall is likely to continue to the dynamic support 125. 45. Our outlook is bearish because the yen has slowed its movements in recent days, and while it has even more possibilities to recover, the yen has lost considerable momentum. Thus, only a break of 97.60 could give strength to the Japanese currency and put downward pressure on the EUR/JPY pair.

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