30 Jul 2013
EUR/JPY overtakes the 130.00 region
FXstreet.com (New York) - The EUR/JPY technical pair recently regained a grip on the 130.00 level Tuesday morning, moving back into positive territory during Asian trading.
Earlier today in Japan, the Unemployment Rate (June) was reported at 3.9%, beating expectations of 4.0%. Meanwhile, Overall Household Spending (YoY) came in at -0.4% in June, against estimates of +1.0%. Finally, Industrial Production (YoY) fell -4.8%, relative to a projection of -1.1%.
EUR/JPY strategic bias
The EUR/JPY is now trading at the 130.13 level, securing an advance of +0.18%. Briefing the technicals, the EUR/JPY ascension will test resistances at 130.11 (July 16 low), onto 130.31 (July 17 low), and 130.57 (July 29 high).
According to the Technical Analyst Team at ICN.com, “The EUR/JPY succumbed to a negative pressure, compelling it to break the bullish channel's lower line and to steady below it. That gave way for bearishness to take place during the period ahead, targeting zones 128.80 then 127.90. The expected drop might be a correction to the bullish wave, shown on the graph above. Therefore, prolonged stability below 129.70 would facilitate the expected continuation of the downtrend, while breaching 131.10 would restore the price to its bullish course.”
Earlier today in Japan, the Unemployment Rate (June) was reported at 3.9%, beating expectations of 4.0%. Meanwhile, Overall Household Spending (YoY) came in at -0.4% in June, against estimates of +1.0%. Finally, Industrial Production (YoY) fell -4.8%, relative to a projection of -1.1%.
EUR/JPY strategic bias
The EUR/JPY is now trading at the 130.13 level, securing an advance of +0.18%. Briefing the technicals, the EUR/JPY ascension will test resistances at 130.11 (July 16 low), onto 130.31 (July 17 low), and 130.57 (July 29 high).
According to the Technical Analyst Team at ICN.com, “The EUR/JPY succumbed to a negative pressure, compelling it to break the bullish channel's lower line and to steady below it. That gave way for bearishness to take place during the period ahead, targeting zones 128.80 then 127.90. The expected drop might be a correction to the bullish wave, shown on the graph above. Therefore, prolonged stability below 129.70 would facilitate the expected continuation of the downtrend, while breaching 131.10 would restore the price to its bullish course.”