4 Sep 2013
EUR/JPY on meteoric rise for 10-day highs at 131.84
FXstreet.com (Chicago) - EUR/JPY extends bullish momentum after the completion of an upward flag. The pair broke through 131.50 resistance zone to spike and target 132.00 zone in the afternoon of the American trading session.
European data
Earlier in Europe, the region’s GDP results matched 0.3% expectations (QoQ). Annual GDP was -0.5% vs. prior -1.1% and estimates at -0.7%. Retail sales failed to meet estimates with monthly results at 0.1% vs. 0.4% projections and prior -0.7% (MoM). Yearly results were -1.3% vs. estimates at -0.4%. Despite results, the euro maintained 0.52% gains to eventually be pushed up by bullish pressure. In Japan, the yen weakened after the cooling down of the Syrian conflict (less risk-averse behavior) along the announcement that the sales tax hike will be determined within one month and not until Spring 2014 as planned. Markets closed with gains in both regions with the FTSE 100 up 0.10%, the DAX up 0.19% and the CAC 40 up 0.16%. The Nikkei 225 registered 0.54% gains.
EUR/JPY Technical Levels
Technically speaking, the pair rose after the completion of a flag that originated last September 1st around 130.00 zone. After trading sideways for a few hours, the pair handled to break through strong resistance. At 131.77, the pair oscillates between supports at 131.52 (August 4th highs), 131.14 (August 20th highs) ahead of 130.73 (September 2nd lows) and resistances at 131.93 (August 24th highs), 132.33 (August 22nd highs) followed by 132.72 (July 23rd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe and is offered above the EMA20.
European data
Earlier in Europe, the region’s GDP results matched 0.3% expectations (QoQ). Annual GDP was -0.5% vs. prior -1.1% and estimates at -0.7%. Retail sales failed to meet estimates with monthly results at 0.1% vs. 0.4% projections and prior -0.7% (MoM). Yearly results were -1.3% vs. estimates at -0.4%. Despite results, the euro maintained 0.52% gains to eventually be pushed up by bullish pressure. In Japan, the yen weakened after the cooling down of the Syrian conflict (less risk-averse behavior) along the announcement that the sales tax hike will be determined within one month and not until Spring 2014 as planned. Markets closed with gains in both regions with the FTSE 100 up 0.10%, the DAX up 0.19% and the CAC 40 up 0.16%. The Nikkei 225 registered 0.54% gains.
EUR/JPY Technical Levels
Technically speaking, the pair rose after the completion of a flag that originated last September 1st around 130.00 zone. After trading sideways for a few hours, the pair handled to break through strong resistance. At 131.77, the pair oscillates between supports at 131.52 (August 4th highs), 131.14 (August 20th highs) ahead of 130.73 (September 2nd lows) and resistances at 131.93 (August 24th highs), 132.33 (August 22nd highs) followed by 132.72 (July 23rd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe and is offered above the EMA20.