11 Nov 2013
EUR/JPY struggles with 50-EMA (132.77) as euro hobbles
FXstreet.com (Athens) – The EUR/JPY has been trading to the upper level since the kick off of the European trading session, but still can’t help itself to trend higher near 133.00 handle.
The EUR/JPY is trading amidst a tight range during the European trading hours, but in a slightly upwards trendshift. The EUR/JPY trends amidst the Friday’s high as of 132.49 and the 50-daily EMA (132.77), while earlier spiked higher to the daily high as of 132.87. The cross anemic movement might be well justified by market participants as the single currency is hobbling post the ECB, NFP era. What’s more, today is a day really absent of any schedule data or event risk due to the US partial holiday and the banking holidays in most Euro zone countries. Last but not least, ECB’s Coeure mentioned the past weekend that “The ECB is still holding out the possibility for further easing if needed.”
Technical Aspects on the EUR/JPY
In order for the cross to move higher to the 133.53 (7th November high) and to 133.72 (6th November high) respectively, it should first overcome the barrier of the 133.00 which mostly serves as a psychological level. It is also probable that the cross might move in a sideways movement amidst the area of 132.22 (11th November session low) to the 50-EMA (132.77). Downwards, the initial support can be found at 131.47 (38.2% Fib retracement), while is that is breached the cross might move towards the area as of 130.22 (50% Fib).
The EUR/JPY is trading amidst a tight range during the European trading hours, but in a slightly upwards trendshift. The EUR/JPY trends amidst the Friday’s high as of 132.49 and the 50-daily EMA (132.77), while earlier spiked higher to the daily high as of 132.87. The cross anemic movement might be well justified by market participants as the single currency is hobbling post the ECB, NFP era. What’s more, today is a day really absent of any schedule data or event risk due to the US partial holiday and the banking holidays in most Euro zone countries. Last but not least, ECB’s Coeure mentioned the past weekend that “The ECB is still holding out the possibility for further easing if needed.”
Technical Aspects on the EUR/JPY
In order for the cross to move higher to the 133.53 (7th November high) and to 133.72 (6th November high) respectively, it should first overcome the barrier of the 133.00 which mostly serves as a psychological level. It is also probable that the cross might move in a sideways movement amidst the area of 132.22 (11th November session low) to the 50-EMA (132.77). Downwards, the initial support can be found at 131.47 (38.2% Fib retracement), while is that is breached the cross might move towards the area as of 130.22 (50% Fib).