3 Jul 2013
EUR/JPY at session highs, anticipating further progress
FXstreet.com (Barcelona) - The EUR/JPY exchange rates presently sits up at 130.81, session high, from an earlier 130.61 quoting at the NY close, amid twilight liquidity conditions as the price series transitions from New York into Tokyo.
Vigorous rally in the Nikkei 225 boost Yen crosses
The 1.78% rally in the Nikkei in the last Tokyo session kept the bid tone consistent throughout the day. In view of Kathy Lien, Co-Founder at BK Asset Management, "With no economic reports on the calendar this evening in Japan, the outlook for USD/JPY and EUR/JPY will hinge on the performance of the Nikkei and Wednesday's U.S. economic reports."
Technical outlook
EUR/JPY has been printing higher highs and higher lows on the daily for the past 4 days, with the hourly chart now showing the 100 SMA above 200 one, a technical occurrence, which in view of Valeria Bednarik, Chief Analyst at FXstreet.com, "is anticipating further advances." The In-House Analyst's bullish views would only be negated if a break below 130.00 occurs, "denying the possibility of a recovery, with price pointing then for a retest of 128.80 support" Bednarik said.
Vigorous rally in the Nikkei 225 boost Yen crosses
The 1.78% rally in the Nikkei in the last Tokyo session kept the bid tone consistent throughout the day. In view of Kathy Lien, Co-Founder at BK Asset Management, "With no economic reports on the calendar this evening in Japan, the outlook for USD/JPY and EUR/JPY will hinge on the performance of the Nikkei and Wednesday's U.S. economic reports."
Technical outlook
EUR/JPY has been printing higher highs and higher lows on the daily for the past 4 days, with the hourly chart now showing the 100 SMA above 200 one, a technical occurrence, which in view of Valeria Bednarik, Chief Analyst at FXstreet.com, "is anticipating further advances." The In-House Analyst's bullish views would only be negated if a break below 130.00 occurs, "denying the possibility of a recovery, with price pointing then for a retest of 128.80 support" Bednarik said.