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12 Aug 2013
EUR/JPY clings to bearishness ahead of Japanese data
FXstreet.com (New York) - The EUR/JPY technical cross seemed to be immune to any negativity thus far during Asian trading, holding firm in positive territory ahead of Japanese data.
Later today at 23:50 GMT, Japan is slated to reveal a pair of key indicators, including Gross Domestic Product Annualized (Q2), and Gross Domestic Product (QoQ) in Q2. This will build into a second tranche of upcoming data out of Japan, culminating in the release of Industrial production and Machine Tool Orders at 4:30 GMT.
EUR/JPY strategic bias
Technically speaking, the EUR/JPY is now trading at 128.40, presently securing a gain of +0.07% above its opening. The pair remains capped by resistances at 128.50 (20-day SMA), onto 128.70 (55-day MA), and 128.88 (200-day SMA). Conversely supports lie below at 128.34 (August 9 low), ahead of 128.50 (August 8 low).
According to Valeria Bednarik, an analyst at FXstreet.com, “The EUR/JPY holds to the bearish trend underway, with the hourly chat showing price consolidating near price week low, and 100 SMA gaining bearish slope above current price around 129.35 and offering dynamic resistance. Indicators in the mentioned time frame are heading lower in negative territory, while in bigger time frames technical readings also present a bearish tone.”
Later today at 23:50 GMT, Japan is slated to reveal a pair of key indicators, including Gross Domestic Product Annualized (Q2), and Gross Domestic Product (QoQ) in Q2. This will build into a second tranche of upcoming data out of Japan, culminating in the release of Industrial production and Machine Tool Orders at 4:30 GMT.
EUR/JPY strategic bias
Technically speaking, the EUR/JPY is now trading at 128.40, presently securing a gain of +0.07% above its opening. The pair remains capped by resistances at 128.50 (20-day SMA), onto 128.70 (55-day MA), and 128.88 (200-day SMA). Conversely supports lie below at 128.34 (August 9 low), ahead of 128.50 (August 8 low).
According to Valeria Bednarik, an analyst at FXstreet.com, “The EUR/JPY holds to the bearish trend underway, with the hourly chat showing price consolidating near price week low, and 100 SMA gaining bearish slope above current price around 129.35 and offering dynamic resistance. Indicators in the mentioned time frame are heading lower in negative territory, while in bigger time frames technical readings also present a bearish tone.”