21 Aug 2013
EURJPY trading higher on ‘selloff’ in emerging market currencies
FXstreet.com (Athens)- EUR/JPY was boosted today ahead of FOMC release, on dismal Japanese events and data, as well as on ‘selloff’ in emerging market currencies.
EUR/JPY higher on dismal Japanese events and a solid single currency.
The selloff in emerging market currencies has led to strength in the single currency. Furthermore, the single currency found solid support on dismal Japanese data. First, it was Asian indices jitters, alongside with Fukushima leak. Afterwards, Japanese Finance Minister Aso reported to say that ‘he doesn't see any convincing reason to postpone the sales-tax rise’, letting down a lot of traders. Last but not least, Japanese supermarket sales reported in July down 0.5%, versus up 2.7%, on a yearly basis. Investors should bear in mind that Nikkei Index down was also down 0.79%.
Technical outlook on EUR/JPY
At the time of writing, EUR/JPY is trading as of 130.62, up 0.09%. The FXstreet.com Trend Index shows the pair to be strongly bullish. Daily pivot point support can be found at 129.90, 129.57, 129.25 and resistance at 131.42, 131.75 and 132.08, respectively.
EUR/JPY higher on dismal Japanese events and a solid single currency.
The selloff in emerging market currencies has led to strength in the single currency. Furthermore, the single currency found solid support on dismal Japanese data. First, it was Asian indices jitters, alongside with Fukushima leak. Afterwards, Japanese Finance Minister Aso reported to say that ‘he doesn't see any convincing reason to postpone the sales-tax rise’, letting down a lot of traders. Last but not least, Japanese supermarket sales reported in July down 0.5%, versus up 2.7%, on a yearly basis. Investors should bear in mind that Nikkei Index down was also down 0.79%.
Technical outlook on EUR/JPY
At the time of writing, EUR/JPY is trading as of 130.62, up 0.09%. The FXstreet.com Trend Index shows the pair to be strongly bullish. Daily pivot point support can be found at 129.90, 129.57, 129.25 and resistance at 131.42, 131.75 and 132.08, respectively.