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3 Oct 2013
EUR/JPY strikes back in positive territory
FXstreet.com (Athens) – The EUR/JPY has been heading upwards since the kick-off of the Asian trading session, mainly to Letta winning confidence vote and Nikkei coming back to positive area.
EUR/JPY upwards again today; will the cross make it or break ahead of the 133.00?
The EUR/JPY has already pared all yesterday’s losses mainly coming from the sharp decline of Nikkei decline and is steadily headily upwards threatening the crucial 133.00 technical level. What’s more, the cross is well supported today by the general upward movement of the single currency, which soars across the board. Last but not least, we should point out that investors don’t seem to have been really amused by the PM Abe decision regarding the corporate tax, even there was chattering on a potential debate on that.
Technical Outlook on the EUR/JPY
Karen Jones, Head Technical Analyst at Commerzbank suggests that the “EUR/JPY has seen a strong rebound from the 55 day ma at 131.35 and remains under pinned by the 130.57/30 3 month uptrend. The intraday charts are suggesting intraday rebounds will struggle around current levels for another slide lower, however are giving conflicting signals and it is not clear.” We could add that traders should bear in mind that is very crucial if the pair manages today to have a clearly close above the 21-DMA as of 132.62 (also yesterday’s high), which would give further uptrend momentum to the pair – all other equal – to move closer to the crucial, psychological level as of 133.00 area.
EUR/JPY upwards again today; will the cross make it or break ahead of the 133.00?
The EUR/JPY has already pared all yesterday’s losses mainly coming from the sharp decline of Nikkei decline and is steadily headily upwards threatening the crucial 133.00 technical level. What’s more, the cross is well supported today by the general upward movement of the single currency, which soars across the board. Last but not least, we should point out that investors don’t seem to have been really amused by the PM Abe decision regarding the corporate tax, even there was chattering on a potential debate on that.
Technical Outlook on the EUR/JPY
Karen Jones, Head Technical Analyst at Commerzbank suggests that the “EUR/JPY has seen a strong rebound from the 55 day ma at 131.35 and remains under pinned by the 130.57/30 3 month uptrend. The intraday charts are suggesting intraday rebounds will struggle around current levels for another slide lower, however are giving conflicting signals and it is not clear.” We could add that traders should bear in mind that is very crucial if the pair manages today to have a clearly close above the 21-DMA as of 132.62 (also yesterday’s high), which would give further uptrend momentum to the pair – all other equal – to move closer to the crucial, psychological level as of 133.00 area.