7 Nov 2013
EUR/JPY attempts reversal from 131.50 lows
FXstreet.com (Chicago) - EUR/JPY continues struggling below the 131.50 front despite having founds grounds after the steep fall on the ECB’s interest rate decision.
Data recap, data ahead
Earlier in Europe, the ECB decided to cut interest rates to 0.25% due to economic results and the urgency to foster development in the region. Ahead of Draghi’s speech at 19:00 GMT, along foreign bong investment and foreign investment in Japanese stocks, the pair remains subdued.
EUR/JPY Technical Levels
After dropping from the 133 zone, the pair attempts to consolidate an inconclusive reversal around the 131.50 front. At 131.51, the pair navigates between the supports aligned at 131.14 (October 7th lows), 130.70 (September 2nd lows) ahead of 129.89 (September 5th lows) and the resistances set at 131.67 (September 30th lows), 132.40 (November 6th lows) followed by 132.79 (September 25th lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and flows below the EMA20.
Data recap, data ahead
Earlier in Europe, the ECB decided to cut interest rates to 0.25% due to economic results and the urgency to foster development in the region. Ahead of Draghi’s speech at 19:00 GMT, along foreign bong investment and foreign investment in Japanese stocks, the pair remains subdued.
EUR/JPY Technical Levels
After dropping from the 133 zone, the pair attempts to consolidate an inconclusive reversal around the 131.50 front. At 131.51, the pair navigates between the supports aligned at 131.14 (October 7th lows), 130.70 (September 2nd lows) ahead of 129.89 (September 5th lows) and the resistances set at 131.67 (September 30th lows), 132.40 (November 6th lows) followed by 132.79 (September 25th lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and flows below the EMA20.