FXstreet.com (Barcelona) - The Euro-Yen has collapsed almost 700 pips from Friday's high at 1.3391, to a minimum level of 1.2640 on Monday's European session, breaking the upward trend it had been following during the last two weeks.
According to the Varengold Bank Research Team the Euro broke Friday its uptrend pattern: Since two weeks the EUR/JPY has been trading in a bullish trend-channel. On Friday the EUR crossed the trend formation and entailed losses down to its new support at 129.39.
For the next sessions, the Varengold Bank Research Team advices to watch 129.00 level in order to assess EuroÂ´s direction: On this low level the RSI demonstrated a surplus sale and in order of that, we saw a small counter-movement. If the support-line at 129 is strong enough, that could be the origin for a new bullish trend.