Back
16 Aug 2013
EUR/JPY snaps back above 130.00 zone
FXstreet.com (Chicago) - EUR/JPY flirted with immediate support to bounce off lows on spiky rise approaching 130.10 resistance and reemerging from 120.90 regions.
Choppy action, mixed results
Price action indicates the pair has been oscillating between immediate supports and resistances constantly after falling from 130.37 highs reached in the early morning of the Asian trading session. The Nikkei opened with over 1.50% losses but worked its way up to diminish losses to 0.75%. The yen strengthened along the index but lost shine against the euro throughout the European trading session. In Europe, consumer price indexes matched expectations with a core CPI at 1.1% and a CPI (YoY) at 1.6%. Trading balance facts indicate there was growth in imports/exports activities for June compared to the previous month, as the results were 14.9B euro vs. past 13.8B euro. Nonetheless, expectations were not met as they had been estimated at 15.3B.
Technical Levels
Trading at 130.04, the pair oscillates between supports at 129.89 (July 31st lows), 129.72 (August 8th highs) ahead of 129.58 (July 28th lows) and resistances at 130.10 (July 27th lows), 130.25 (intraday highs) and 130.37 (July 10th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis along a Momentum indicator points down.
Choppy action, mixed results
Price action indicates the pair has been oscillating between immediate supports and resistances constantly after falling from 130.37 highs reached in the early morning of the Asian trading session. The Nikkei opened with over 1.50% losses but worked its way up to diminish losses to 0.75%. The yen strengthened along the index but lost shine against the euro throughout the European trading session. In Europe, consumer price indexes matched expectations with a core CPI at 1.1% and a CPI (YoY) at 1.6%. Trading balance facts indicate there was growth in imports/exports activities for June compared to the previous month, as the results were 14.9B euro vs. past 13.8B euro. Nonetheless, expectations were not met as they had been estimated at 15.3B.
Technical Levels
Trading at 130.04, the pair oscillates between supports at 129.89 (July 31st lows), 129.72 (August 8th highs) ahead of 129.58 (July 28th lows) and resistances at 130.10 (July 27th lows), 130.25 (intraday highs) and 130.37 (July 10th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis along a Momentum indicator points down.