23 Aug 2013
EUR/JPY cracks before attaining 132.00 zone
FXstreet.com (Chicago) - EUR/JPY fell back below immediate 131.90 support ahead of the Japanese trading session opening. The euro was pressed higher throughout Thursday as Euro-zone manufacturing results boosted a previous bullish uplifting generated on Chinese manufacturing data.
Outperforming EU data
Price action indicates the yen traded weak throughout the journey dragged by an underperforming Nikkei 225 down 0.44%. The European Union had positive results compared to expectations with Markit data above estimates: manufacturing PMI at 52.0 vs. 51.1, Services PMI at 52.4 vs. projected 51.7 and PMI Composite at 51.7 vs. expected 50.2 for the month of August. Later in Europe, markets await for the consumer confidence index for the region and GDP data from both Germany and the UK.
EUR/JPY Technical Levels
The pair navigates between supports at 131.28 (July 17th highs), 131.00 (August 2nd lows) ahead of 130.67 (August 14th highs) and resistances at 131.90 (July 29th highs), 132.23 (July 20th highs) ahead of 132.73 (July 24th highs). At the closing of the American trading session, the price had surpassed immediate resistance but the bullish pressure was not enough to reach the 132.00 zone. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe, offered above the EMA20.
Outperforming EU data
Price action indicates the yen traded weak throughout the journey dragged by an underperforming Nikkei 225 down 0.44%. The European Union had positive results compared to expectations with Markit data above estimates: manufacturing PMI at 52.0 vs. 51.1, Services PMI at 52.4 vs. projected 51.7 and PMI Composite at 51.7 vs. expected 50.2 for the month of August. Later in Europe, markets await for the consumer confidence index for the region and GDP data from both Germany and the UK.
EUR/JPY Technical Levels
The pair navigates between supports at 131.28 (July 17th highs), 131.00 (August 2nd lows) ahead of 130.67 (August 14th highs) and resistances at 131.90 (July 29th highs), 132.23 (July 20th highs) ahead of 132.73 (July 24th highs). At the closing of the American trading session, the price had surpassed immediate resistance but the bullish pressure was not enough to reach the 132.00 zone. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe, offered above the EMA20.