6 Nov 2013
EUR/JPY ripping higher on technical buying and a “risk-on” attitude globally
FXstreet.com (Barcelona) - After making one more probe to the downside in search of solid ground Tuesday, the EUR/JPY has just started to really move to the upside – long after the BOJ’s minutes were released earlier in the session.
EUR/JPY traders will turn their focus to European data over the next several hours
With the “no surprise” Bank of Japan meeting minutes in the rear view mirror, EUR/JPY traders will be looking to European Services PMI, European Retail Sales and German Factory Orders for further direction as to which way to push the cross.
Technical outlook for EUR/JPY
Technicians say the EUR/JPY is in the midst of a corrective bounce that should lead to yet another wave lower. The next support comes in at Fibonacci retracement levels of 132.05 and 131.60. Resistance for the cross comes in at horizontal support lines at 133.41 and 133.69.
EUR/JPY traders will turn their focus to European data over the next several hours
With the “no surprise” Bank of Japan meeting minutes in the rear view mirror, EUR/JPY traders will be looking to European Services PMI, European Retail Sales and German Factory Orders for further direction as to which way to push the cross.
Technical outlook for EUR/JPY
Technicians say the EUR/JPY is in the midst of a corrective bounce that should lead to yet another wave lower. The next support comes in at Fibonacci retracement levels of 132.05 and 131.60. Resistance for the cross comes in at horizontal support lines at 133.41 and 133.69.