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16 Aug 2013
EUR/JPY, rising sun’s falling on euro’s demand
FXstreet.com (Chicago) - EUR/JPY strengthens at the opening of the Asian trading session as Nikkei 225 pares early losses and ahead of ECB and Eurostat data to be released in Europe later today.
Assertive predictions?
Price action indicates the pair strengthens against a weaker yen across the board. The Nikkei 225 opened down dragged 1.60% mostly due to stock-index futures, following Wall Street’s red closing on prior session. Recent US data seems to be the cherry on the top for speculators who seem rather positive about Fed’s decision to reduce bond purchases starting next month.
Technical Levels - A stronger euro
The pair trades at 128.89 between supports at 129.77 (August 8th highs), 129.58 (August 7th highs) ahead of 129.44 (August 9th highs) and close to immediate resistance at 129.89 (August 5th lows) followed by 130.10 (July 26th lows) and 130.37 (August 14th highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis along a EMA20 positioned above the pair’s price.
Assertive predictions?
Price action indicates the pair strengthens against a weaker yen across the board. The Nikkei 225 opened down dragged 1.60% mostly due to stock-index futures, following Wall Street’s red closing on prior session. Recent US data seems to be the cherry on the top for speculators who seem rather positive about Fed’s decision to reduce bond purchases starting next month.
Technical Levels - A stronger euro
The pair trades at 128.89 between supports at 129.77 (August 8th highs), 129.58 (August 7th highs) ahead of 129.44 (August 9th highs) and close to immediate resistance at 129.89 (August 5th lows) followed by 130.10 (July 26th lows) and 130.37 (August 14th highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis along a EMA20 positioned above the pair’s price.