2 Sep 2013
EUR/JPY spikes above 131.00
FXstreet.com (Athens) - The EUR/JPY is still trading upwards on Monday’s European trading session, EUR net longs continued to rise, edging up to a high since May 2011.
The EUR/JPY continues to trade on the upper level on impressive PMI
The EUR/JPY continues to trade nearly its daily highs, amid further signs that the region is pulling out of a recession that’s dominated sentiment since 2011. The EUR/JPY is one of the most boosted crosses so far, as it seems to have been the preferred vehicle on Monday to express bullishness, ahead of NFP data and ECB. What’s more, according to Rabobank Financial Markets Research, ‘EUR net longs continued to rise, edging up to a high since May 2011’, while ‘JPY shorts increased by more than the prior week’s reduction’. Furthermore, the introduction of a sales tax by Shinzo Abe got the backing it needed and so the Japanese currency has been softening all day long.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 131.21, up 0.86%. The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes chart. Daily pivot point support can be found at 129.67, 128.10, 127.86 and resistance at 131.30, 131.60 and 131.92 respectively.
The EUR/JPY continues to trade on the upper level on impressive PMI
The EUR/JPY continues to trade nearly its daily highs, amid further signs that the region is pulling out of a recession that’s dominated sentiment since 2011. The EUR/JPY is one of the most boosted crosses so far, as it seems to have been the preferred vehicle on Monday to express bullishness, ahead of NFP data and ECB. What’s more, according to Rabobank Financial Markets Research, ‘EUR net longs continued to rise, edging up to a high since May 2011’, while ‘JPY shorts increased by more than the prior week’s reduction’. Furthermore, the introduction of a sales tax by Shinzo Abe got the backing it needed and so the Japanese currency has been softening all day long.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 131.21, up 0.86%. The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes chart. Daily pivot point support can be found at 129.67, 128.10, 127.86 and resistance at 131.30, 131.60 and 131.92 respectively.