21 Nov 2013
EUR/JPY retesting 134.60 offers, bearish outside day
FXstreet.com (Barcelona) - EUR/JPY printed a bearish outside day following talk of a possible ECB negative interest rate move, which followed by US rate spikes post dovish FOMC saw massive pressure on EUR/USD, weighing also on the EUR/JPY.
EUR/JPY buyers in trouble
Technically speaking, the EUR/JPY should trade heavy this Thursday, with most indicators turning south and the tenkan about to break the kijun line on what may represent a weak cross, yet occurring at a key junction - 131.50/135.30/40 range highs -.
Positive Nikkei underpins Yen crosses
For the current Asian session, a short term recovery on the Yen crosses is taking shape after a 0.60% positive opening on the Nikkei 225 in Tokyo, which has led the exchange rate to correct higher for a retest of 134.60 immediate resistance - Nov 9 low-. If break higher manifests, the area of 135.00 - 20ema H4 cross - should provide further resistance ahead of 135.30/40 offers. On the downside, a clean break through 134.00 is now the next technical requirement to try 134.40/50 support - Nov 7 high -.
EUR/JPY buyers in trouble
Technically speaking, the EUR/JPY should trade heavy this Thursday, with most indicators turning south and the tenkan about to break the kijun line on what may represent a weak cross, yet occurring at a key junction - 131.50/135.30/40 range highs -.
Positive Nikkei underpins Yen crosses
For the current Asian session, a short term recovery on the Yen crosses is taking shape after a 0.60% positive opening on the Nikkei 225 in Tokyo, which has led the exchange rate to correct higher for a retest of 134.60 immediate resistance - Nov 9 low-. If break higher manifests, the area of 135.00 - 20ema H4 cross - should provide further resistance ahead of 135.30/40 offers. On the downside, a clean break through 134.00 is now the next technical requirement to try 134.40/50 support - Nov 7 high -.