EUR/JPY: advice from Danske

EUR/JPY is moving sideways around 130.00. Yesterday the pair tested a 2-week high at 131.00, but then failed to close above the resistance line connecting July and August high.

Euro was supported by the comments from Bundesbank which suggested that the ECB’s pledge to cut interest rates could be changed, but then hit as Japanese stocks fell, boosting demand for yen as a safe haven.

Support lies at 129.80, 129.40 and 128.90. Resistance is at 130.50, 130.90, 131.11 (July 2 high) and 131.94.

Danske Bank suggests buying EUR/JPY at 129.80 for a 131.10 objective with a stop at 128.89.

Chart. Daily EUR/JPY

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