19 Sep 2013
EUR/JPY drifts to 132.83 session highs
FXstreet.com (Chicago) - EUR/JPY extended bullish channel to reach 132.83 session highs not seen in 7 days prior to the opening of Tokyo. The pair soared shortly after the release of NZ data and accumulates 30 pips gains so far minutes before the start of Thursday’s journey in Asia.
Speeches ahead
Market participants finish digesting an apparently surprising “no tapering” response by the Fed and earlier European data releases with construction output results at -1.2% vs. past -3.0%. Ahead of Tokyo’s opening and merchandise trade balance results due in Japan, the pair consolidates above the 132.80 zone. The BoJ’s Kiuchi and BoJ’s governor Kuroda are due to speak later in the day.
EUR/JPY Technical Levels
Price action reveals primary and secondary trendlines pointing up with a short-term outlook rather bullish as the pair extends earlier gains on bullish channel. Market participants reacted strongly once no tapering by the Fed was made public in the US. The euro strengthened against a weaker yen and the pair now consolidates above the 132.80 zone oscillating between supports aligned at 132.72 (July 23rd highs), 132.39 (August 23rd highs) ahead of 131.96 (August 2nd highs) and resistances aligned at 133.33 (September 11th highs), 133.80 (May 15th highs) followed by 134.28 (January 10th 2010 highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis above the EMA20.
Speeches ahead
Market participants finish digesting an apparently surprising “no tapering” response by the Fed and earlier European data releases with construction output results at -1.2% vs. past -3.0%. Ahead of Tokyo’s opening and merchandise trade balance results due in Japan, the pair consolidates above the 132.80 zone. The BoJ’s Kiuchi and BoJ’s governor Kuroda are due to speak later in the day.
EUR/JPY Technical Levels
Price action reveals primary and secondary trendlines pointing up with a short-term outlook rather bullish as the pair extends earlier gains on bullish channel. Market participants reacted strongly once no tapering by the Fed was made public in the US. The euro strengthened against a weaker yen and the pair now consolidates above the 132.80 zone oscillating between supports aligned at 132.72 (July 23rd highs), 132.39 (August 23rd highs) ahead of 131.96 (August 2nd highs) and resistances aligned at 133.33 (September 11th highs), 133.80 (May 15th highs) followed by 134.28 (January 10th 2010 highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis above the EMA20.