23 Aug 2013
EUR/JPY unleashed to 4-week highs; reaches 132.20
FXstreet.com (Chicago) - EUR/JPY was pushed to 4-week highs on remarks by Noyotny remarks on improvement of economic state of affairs and the repercussions of ECB’s rate cut decision.
Hat-trick in Europe
Positive Euro-zone data triggered confidence in the euro on Thursday as expectations were outperformed with the Markit manufacturing higher than 50.8 estimates reaching 51.3. The Markit PMI composite was 51.7 vs. expected 50.2 and the Markit services index was 51.0 vs. estimates at 50.2. ECB’s Noyotni said that positive results remove the need for a rate cut in the European Union, adding strength to the euro and extending bullish momentum.
EUR/JPY Technical Levels
Technically speaking, the pair trades at 132.20 between supports at 132.20 (July 20th highs), 131.90 (August 1st highs) followed by 131.54 (August 4th highs) and resistances at 132.73 (September 29th lows), 133.35 (July 16th highs) ahead of 133.85 (May 21st highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis.
Hat-trick in Europe
Positive Euro-zone data triggered confidence in the euro on Thursday as expectations were outperformed with the Markit manufacturing higher than 50.8 estimates reaching 51.3. The Markit PMI composite was 51.7 vs. expected 50.2 and the Markit services index was 51.0 vs. estimates at 50.2. ECB’s Noyotni said that positive results remove the need for a rate cut in the European Union, adding strength to the euro and extending bullish momentum.
EUR/JPY Technical Levels
Technically speaking, the pair trades at 132.20 between supports at 132.20 (July 20th highs), 131.90 (August 1st highs) followed by 131.54 (August 4th highs) and resistances at 132.73 (September 29th lows), 133.35 (July 16th highs) ahead of 133.85 (May 21st highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis.