22 Aug 2013
EUR/JPY easing back off China-induced session highs
FXstreet.com (Barcelona) - The very popular risk gauge, the EUR/JPY, ran from 130.76 to a peak of 131.18 in just 20 minutes following the release of China’s PMI data. Since the peak, though, it has drifted down to 130.85.
EUR/JPY rips along with other risk tells after China news
China surprised to the upside with its PMI data at 21:45 GMT. The action in risk assets globally was clearly bullish right off the bat – and EUR/JPY was no different as it rallied from 130.76 to 131.18 in the 20 minutes following the data release. Since its 22:05 GMT peak at 131.18, however, the cross has fallen back down to 130.87.
Technical take on EUR/JPY
Technicians are calling for short-term continued upside for EUR/JPY up to the 131.91 level. A breakout above that level and the 131.96. secondary resistance will open the door to much more upside. Support for EUR/JPY comes in at the 8/15 low of 129.41 with the August low of 128 below that.
EUR/JPY rips along with other risk tells after China news
China surprised to the upside with its PMI data at 21:45 GMT. The action in risk assets globally was clearly bullish right off the bat – and EUR/JPY was no different as it rallied from 130.76 to 131.18 in the 20 minutes following the data release. Since its 22:05 GMT peak at 131.18, however, the cross has fallen back down to 130.87.
Technical take on EUR/JPY
Technicians are calling for short-term continued upside for EUR/JPY up to the 131.91 level. A breakout above that level and the 131.96. secondary resistance will open the door to much more upside. Support for EUR/JPY comes in at the 8/15 low of 129.41 with the August low of 128 below that.