20 Aug 2013
EUR/JPY is trading lower at 129.55; -0.43% on falling Nikkei index
FXstreet.com (Athens) - Nikkei equities index declined 2.41% overnight, pressuring the EUR/JPY downwards.
The single currency rose to a two-week high against the yen on Monday (boosted by comments from the Bundesbank which suggested the European Central Bank's low interest rate pledge last month was not set in stone). However, Nikkei closed down 2.63% at 13.396.38 overnight, boosting JPY, i.e. pushing the pair downwards. Besides the abrupt sell off seen in all Asian indices, the Japanese currency might also find support in positive data coming from Japan. To elaborate on, Japan All Index Activity Index was released in better than expected levels. On the other hand, on the Euro Zone side, France's Moscovici said that ‘ jobless figures to change direction by year end and that the temporary employment growth is a good sign’.
EUR/JPY Technically bearish?
Danske Bank Analyst suggest buying EUR/JPY at 129.80 for a 131.10 objective, with a stop at 128.89. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support and resistance can be found at 129.03 128.71 128.39 130.80 131.10 131.10
The single currency rose to a two-week high against the yen on Monday (boosted by comments from the Bundesbank which suggested the European Central Bank's low interest rate pledge last month was not set in stone). However, Nikkei closed down 2.63% at 13.396.38 overnight, boosting JPY, i.e. pushing the pair downwards. Besides the abrupt sell off seen in all Asian indices, the Japanese currency might also find support in positive data coming from Japan. To elaborate on, Japan All Index Activity Index was released in better than expected levels. On the other hand, on the Euro Zone side, France's Moscovici said that ‘ jobless figures to change direction by year end and that the temporary employment growth is a good sign’.
EUR/JPY Technically bearish?
Danske Bank Analyst suggest buying EUR/JPY at 129.80 for a 131.10 objective, with a stop at 128.89. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support and resistance can be found at 129.03 128.71 128.39 130.80 131.10 131.10