30 Aug 2013
EUR/JPY struggles with 130.00 level
FXstreet.com (Athens) -The EUR/JPY is under pressure today, despite solid Euro zone data.
Would the EUR/JPY decline further if the softer CPI leads ECB to a further easing?
Apart from the solid Euro zone news regarding economic sentiment and labor data (except for Italy and Greece), the CPI was also released softer than expected, boosting bets on further monetary easing of behalf of ECB. This could lead to more pressure on the common single currency, but in the time being, it’s no more than ‘bets on that scenario’. Furthermore, ECB says “that the Euro area banks will repay 4.65 billion Euros of the two LTRO payments in the upcoming week”.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 130.00, down 0.15%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 129.67, 129.47, 128.86 and resistance at 130.60, 131.20 and 132.01 respectively.
Would the EUR/JPY decline further if the softer CPI leads ECB to a further easing?
Apart from the solid Euro zone news regarding economic sentiment and labor data (except for Italy and Greece), the CPI was also released softer than expected, boosting bets on further monetary easing of behalf of ECB. This could lead to more pressure on the common single currency, but in the time being, it’s no more than ‘bets on that scenario’. Furthermore, ECB says “that the Euro area banks will repay 4.65 billion Euros of the two LTRO payments in the upcoming week”.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 130.00, down 0.15%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 129.67, 129.47, 128.86 and resistance at 130.60, 131.20 and 132.01 respectively.