10 Dec 2013
EUR/JPY nearing next upside projection at 142.63; not a shortable peak according to technicians
FXstreet.com (Barcelona) - EUR/JPY continues to lead the forex pairs on the upside but is now reaching overbought levels as it approaches the next potential Fibonacci projection at 142.63.
EUR/JPY traders will be watching data and listening to Draghi Tuesday
Potentially market-moving data for EUR/JPY will be released Tuesday in the form of:
• Japanese Tertiary Index (just came out slightly below expectations; liimited reaction by the EUR/JPY)
• Japanese Consumer Confidence
• Japanese Machine Tool Orders
• EcoFin Meeting headlines
• Italian GDP
• and, a speech by Mario Draghi
Technical outlook for EUR/JPY
Technicians say the EUR/JPY is now on a bee-line to the next potential Fibonacci resistance level at 142.63. Support comes in at Monday’s high of approximately 140 and is followed up by Wednesday’s low of 138.42.
EUR/JPY traders will be watching data and listening to Draghi Tuesday
Potentially market-moving data for EUR/JPY will be released Tuesday in the form of:
• Japanese Tertiary Index (just came out slightly below expectations; liimited reaction by the EUR/JPY)
• Japanese Consumer Confidence
• Japanese Machine Tool Orders
• EcoFin Meeting headlines
• Italian GDP
• and, a speech by Mario Draghi
Technical outlook for EUR/JPY
Technicians say the EUR/JPY is now on a bee-line to the next potential Fibonacci resistance level at 142.63. Support comes in at Monday’s high of approximately 140 and is followed up by Wednesday’s low of 138.42.