10 Oct 2013
EUR/JPY turns back close to 132
FXstreet.com (Chicago) - EUR/JPY extended the upward intraday trendline to break immediate resistance momentarily before falling back below the 131.80 zone. Ahead of Tokyo’s opening and Japanese data release, bulls hold on to bearish pressure.
Japanese data
Bank lending (YoY) for September was 2% matching prior results. Foreign bond investment was -2225.7B vs. past 672.2B. Foreign investment in Japan stocks was -27.1B vs. past 338.8B. Machinery orders were 10.3% vs. past 6.5% and expected 8.5%. Finally, tertiary industry index results was 0.7% vs. expected 0.5% and past -0.4%.
EUR/JPY Technical Levels
Price action reveals a pair that extends the bearish channel from last September 18th peaks managing to print lower highs and lows. After failing to consolidate above the 132 zone in two occasions, the pair was sent to the 131.59 zone to bounce off and attempt reversal consolidation above the 131.80 level. Offered at 131.80, the pair oscillates between the supports aligned at 131.43 (October 2nd lows), 131 (September 7th lows) ahead of 130.54 (August 29th highs) and the resistances set at 131.83 (October 4th lows), 132.22 (October 1st lows) followed by 132.67 (September 25th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
Japanese data
Bank lending (YoY) for September was 2% matching prior results. Foreign bond investment was -2225.7B vs. past 672.2B. Foreign investment in Japan stocks was -27.1B vs. past 338.8B. Machinery orders were 10.3% vs. past 6.5% and expected 8.5%. Finally, tertiary industry index results was 0.7% vs. expected 0.5% and past -0.4%.
EUR/JPY Technical Levels
Price action reveals a pair that extends the bearish channel from last September 18th peaks managing to print lower highs and lows. After failing to consolidate above the 132 zone in two occasions, the pair was sent to the 131.59 zone to bounce off and attempt reversal consolidation above the 131.80 level. Offered at 131.80, the pair oscillates between the supports aligned at 131.43 (October 2nd lows), 131 (September 7th lows) ahead of 130.54 (August 29th highs) and the resistances set at 131.83 (October 4th lows), 132.22 (October 1st lows) followed by 132.67 (September 25th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.