30 Dec 2013
EUR/JPY opens the week higher – continuing recent bull trend; next target 145.66
FXstreet.com (Barcelona) - EUR/JPY sports one of the most bullish charts around – fueled by the uber-dovishness of the Bank of Japan and the growing optimism regarding Europe's growth prospects.
No data til Friday for EUR/JPY traders – until then, technicals and momentum to drive the action
With no data due out all week from Japan due to their celebration of the New Year, the only data scheduled for this week that may have EUR/JPY traders’ attention include:
• Monday through Wednesday – Nothing
• Thursday – German and EU Manufacturing PMI;
• Friday – EuroZone CPI
Technical outlook for EUR/JPY
Technicians say the EUR/JPY is consolidating after its first test of 145.76 resistance. Odds are, they say, that the resistance level will be tested again before any real corrective action starts for the cross. If it manages to break through that resistance level, they say the 8/07 low of 149.25 would be the next target on the upside. Support starts at the 12/23 pivot low of 142.09 and is backed up by the 12/19 low of 141.86.
No data til Friday for EUR/JPY traders – until then, technicals and momentum to drive the action
With no data due out all week from Japan due to their celebration of the New Year, the only data scheduled for this week that may have EUR/JPY traders’ attention include:
• Monday through Wednesday – Nothing
• Thursday – German and EU Manufacturing PMI;
• Friday – EuroZone CPI
Technical outlook for EUR/JPY
Technicians say the EUR/JPY is consolidating after its first test of 145.76 resistance. Odds are, they say, that the resistance level will be tested again before any real corrective action starts for the cross. If it manages to break through that resistance level, they say the 8/07 low of 149.25 would be the next target on the upside. Support starts at the 12/23 pivot low of 142.09 and is backed up by the 12/19 low of 141.86.