31 Jul 2013
EUR/JPY held its ground above Friday’s low at 129.58 ahead of European data
FXstreet.com (Barcelona) - Japan has some minor data points due out (to go along with just-released Industrial Production), but the major focus for EUR/JPY traders Wednesday will be German unemployment and EuroZone CPI data later in the morning.
EUR/JPY comes into data hovering just above Friday’s low
Traders will be absorbing some minor Japanese data points early Tuesday but will clearly putting a heavier emphasis on the German unemployment and EuroZone CPI data at 07:55 and 09:00 GMT respectively. Ahead of the data, the EUR/JPY was holding its ground above Friday’s intraday low of 129.58.
Technical outlook for EUR/JPY
Technicians are calling for more of a pullback in EUR/JPY – but are cognizant of the potential for short-term bounces off of individual data points. They are calling for a macro move lower to at least 118 and possibly even lower. Along the way down, though, short-term support levels at 129.58, the 7/12 low at 128 and horizontal line support at 125.61 will be tested. A potential ceiling for EUR/JPY will come in at horizontal line resistance at 131.11.
EUR/JPY comes into data hovering just above Friday’s low
Traders will be absorbing some minor Japanese data points early Tuesday but will clearly putting a heavier emphasis on the German unemployment and EuroZone CPI data at 07:55 and 09:00 GMT respectively. Ahead of the data, the EUR/JPY was holding its ground above Friday’s intraday low of 129.58.
Technical outlook for EUR/JPY
Technicians are calling for more of a pullback in EUR/JPY – but are cognizant of the potential for short-term bounces off of individual data points. They are calling for a macro move lower to at least 118 and possibly even lower. Along the way down, though, short-term support levels at 129.58, the 7/12 low at 128 and horizontal line support at 125.61 will be tested. A potential ceiling for EUR/JPY will come in at horizontal line resistance at 131.11.