13 Nov 2013
EUR/JPY in consolidation mode
FXstreet.com (Athens) – The EUR/JPY has been trading under slightly pressure since the kick off of the Wellington trading session, but is still near the proximitity of the 134.00 handle.
EUR/JPY consolidates after three ‘green’ days of sharp daily gains, Nikkei declines
The EUR/JPY is moving mostly in consolidation mode in the Wednesday’s Asian trading session. Traders might attribute the consolidation movement of the EUR/JPY’s partly to the Nikkei decline (-0.44%), but mostly to a slight correctional movement after a series of positive daily closes. What’s more, BoJ Member Policy Board Miyao mentioned through news wires that “must watch Japan’s economy after sales tax rise. Also some uncertainty for Japan Companies, Households remains.”
Technical Aspects on the EUR/JPY
The EUR/JPY is showing that has regained an uptrend momentum again. In the short term, a break above the resistance as of the 133.91 (61.8% Fib extension of the downwards movement of the 135.52 (17th October highs, also 2013) to 131.18 (7th November lows) would expose the cross to the area of 134.55 (76.4% Fib). On the downwards side, support could be seen initially at 133.39 (50% Fib) followed by 132.88 (38.2% Fib). Last but not least technically speaking, it is noteworthy to mention that the cross has managed to establish a bullish uptrend momentum, which started well after it made a decent close above the 132.05 level (50% Fibonacci retracement of the downwards movement of 2008 highs as of 169.97 to July’s 2012 lows of 94.12).
EUR/JPY consolidates after three ‘green’ days of sharp daily gains, Nikkei declines
The EUR/JPY is moving mostly in consolidation mode in the Wednesday’s Asian trading session. Traders might attribute the consolidation movement of the EUR/JPY’s partly to the Nikkei decline (-0.44%), but mostly to a slight correctional movement after a series of positive daily closes. What’s more, BoJ Member Policy Board Miyao mentioned through news wires that “must watch Japan’s economy after sales tax rise. Also some uncertainty for Japan Companies, Households remains.”
Technical Aspects on the EUR/JPY
The EUR/JPY is showing that has regained an uptrend momentum again. In the short term, a break above the resistance as of the 133.91 (61.8% Fib extension of the downwards movement of the 135.52 (17th October highs, also 2013) to 131.18 (7th November lows) would expose the cross to the area of 134.55 (76.4% Fib). On the downwards side, support could be seen initially at 133.39 (50% Fib) followed by 132.88 (38.2% Fib). Last but not least technically speaking, it is noteworthy to mention that the cross has managed to establish a bullish uptrend momentum, which started well after it made a decent close above the 132.05 level (50% Fibonacci retracement of the downwards movement of 2008 highs as of 169.97 to July’s 2012 lows of 94.12).