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9 Oct 2013
EUR/JPY holds “correction support” at 131.28 for 2nd day in a row
FXstreet.com (Barcelona) - The EUR/JPY has been in what bulls hope is a corrective decline since mid-September. Tuesday, it managed to hold up above key “correction support” at 131.28 for a second consecutive session Tuesday – which could / should lead to another leg higher for the cross.
EUR/JPY to react to data, Fed news and any possible DC resolution
Wednesday, EUR/JPY traders will get to react to BOJ Meeting Minutes, a speech by the BOJ’s Governor Nakaso, Japanese Machine Tool Orders, the ECB Monthly Report and German Industrial Production. On top of that, there will continue to be a focus on the news flow out of the US – which is obviously driving the global attitude towards risk currently. The good news for risk bulls is that they may have caught a reprieve temporarily with the news that Obama will officially announce the appointment of Janet Yellen as Ben Bernanke’s successor at the Fed.
Technical outlook for EUR/JPY
Technicians say that there still is hope for the EUR/JPY bulls as long as 131.28 holds up as support. Ant close below that and “all bets are off”. Resistance for the cross comes in at the horizontal line of 132.00 and is followed by last Thursday’s close of 132.44.
EUR/JPY to react to data, Fed news and any possible DC resolution
Wednesday, EUR/JPY traders will get to react to BOJ Meeting Minutes, a speech by the BOJ’s Governor Nakaso, Japanese Machine Tool Orders, the ECB Monthly Report and German Industrial Production. On top of that, there will continue to be a focus on the news flow out of the US – which is obviously driving the global attitude towards risk currently. The good news for risk bulls is that they may have caught a reprieve temporarily with the news that Obama will officially announce the appointment of Janet Yellen as Ben Bernanke’s successor at the Fed.
Technical outlook for EUR/JPY
Technicians say that there still is hope for the EUR/JPY bulls as long as 131.28 holds up as support. Ant close below that and “all bets are off”. Resistance for the cross comes in at the horizontal line of 132.00 and is followed by last Thursday’s close of 132.44.