The cross paused its 2-day winning move. At yesterday's late session, the pair fell approx 1.3% and made a low at 132.45. The pair has the nearest strong support at 131.20; below it 129.40 and 129.00 will act as strong support levels. In case if the cross falls below 129.00 on a monthly closing basis, it can extend its fall to 128.00, 125.00, and 121.50 or 50Msma. Considering the current situation, we have 2 trading days left this month. The weekly support exists at 129.40. Today, the focus has shifted to German prelim CPI and unemployment change data. As for the factors affecting the yen, Japan's retail sales data is due. Today, the cross also opened and is trading on a bearish note. On the hourly chart, the prices are closed and trading below hourly moving averages. We can observe strong distribution patterns on the h4 chart between 134.00 and 134.20. Until the pair closes below, bears have an upper hand.
Monthly support: 131.20,129.40,129.00
Intraweek resistance: 134.35
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