4 Sep 2013
EUR/JPY stable above 131.00 after EMU data
FXstreet.com (Lisbon) - The EUR/JPY technical cross wavered slightly surrounding the release of EMU data during European trading, though still managed to stay positive above the 131.00 region.
In the EMU, Markit Services PMI (August) was reported at 50.7, missing expectations of 51.0. Moreover, the Markit PMI Composite (August) came in at 51.5, slightly below the projected figure of 51.7. Gross Domestic Product s.a. (YoY) yielded a figure of -0.5% in Q2, beating a consensus of -0.7%. Finally, Retail Sales (YoY) were reported at -1.3% in July, compared to estimates of -0.4%
EUR/JPY technical levels
At this juncture, the EUR/JPY has now moved higher again towards 131.15, en route to a tepid gain of +0.02% above its opening. Technically speaking, the EUR/JPY rise will be tested by resistance at 131.45, onto 131.80, and 132.21. Conversely, the pair remains bolstered by support at 131.00, ahead of 130.69, calculates the Mataf.net analyst Research Team.
According to Karen Jones, an analyst at Commerzbank, “The EUR/JPY fluctuates in a sideways range above 130.85, supporting the continuation of the positive scenario we proposed in previous reports. Primary targets lie at 133.75 and the Moving Average 50 is offering good support to the bullish wave. Our outlook for bullishness stands valid and intact, provided that the price doesn't break and reside below 130.85.”
In the EMU, Markit Services PMI (August) was reported at 50.7, missing expectations of 51.0. Moreover, the Markit PMI Composite (August) came in at 51.5, slightly below the projected figure of 51.7. Gross Domestic Product s.a. (YoY) yielded a figure of -0.5% in Q2, beating a consensus of -0.7%. Finally, Retail Sales (YoY) were reported at -1.3% in July, compared to estimates of -0.4%
EUR/JPY technical levels
At this juncture, the EUR/JPY has now moved higher again towards 131.15, en route to a tepid gain of +0.02% above its opening. Technically speaking, the EUR/JPY rise will be tested by resistance at 131.45, onto 131.80, and 132.21. Conversely, the pair remains bolstered by support at 131.00, ahead of 130.69, calculates the Mataf.net analyst Research Team.
According to Karen Jones, an analyst at Commerzbank, “The EUR/JPY fluctuates in a sideways range above 130.85, supporting the continuation of the positive scenario we proposed in previous reports. Primary targets lie at 133.75 and the Moving Average 50 is offering good support to the bullish wave. Our outlook for bullishness stands valid and intact, provided that the price doesn't break and reside below 130.85.”