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27 Aug 2013
EUR/JPY, slammed; will there be war?
FXstreet.com (Chicago) - EUR/JPY extends bearish price movement as losses account for 1.24% so far. The euro has weakened across the board as heavy sell off pressures the pair downward.
Tensions flare
The Syrian conflict has remained the center of attention throughout the world as revealed by price action shortly after US Secretary of State made remarks on civilian attack last week. Most markets in Asia printed losses with the Nikkei 225 closing with 0.69% losses. In Europe, Germany released its business climate index at 107.5 vs. previous 106.2 and estimates at 107.0. The current assessment by the IFO for August was 112.0 vs. past 110.1 and projections at 110.9 and IFO expectations were 103.3 vs. previous 102.4 and past 103.0.
EUR/JPY Technical Levels
Technically speaking, the pair trades at 130.02 between supports at 129.83 (session lows), 129.53 (August 15th lows) ahead of 129.28 (August 19th lows) and resistances at 139.29 (August 21st lows), 130.56 (August 13th highs) followed by 130.80 (August 20th highs). After reaching 132.45 zone last week, price has fallen close to 130 psychological level. Despite attempt to recover losses, bearish pressure pulled the pair down at 23.6% level from last week’s peaks. The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.
Tensions flare
The Syrian conflict has remained the center of attention throughout the world as revealed by price action shortly after US Secretary of State made remarks on civilian attack last week. Most markets in Asia printed losses with the Nikkei 225 closing with 0.69% losses. In Europe, Germany released its business climate index at 107.5 vs. previous 106.2 and estimates at 107.0. The current assessment by the IFO for August was 112.0 vs. past 110.1 and projections at 110.9 and IFO expectations were 103.3 vs. previous 102.4 and past 103.0.
EUR/JPY Technical Levels
Technically speaking, the pair trades at 130.02 between supports at 129.83 (session lows), 129.53 (August 15th lows) ahead of 129.28 (August 19th lows) and resistances at 139.29 (August 21st lows), 130.56 (August 13th highs) followed by 130.80 (August 20th highs). After reaching 132.45 zone last week, price has fallen close to 130 psychological level. Despite attempt to recover losses, bearish pressure pulled the pair down at 23.6% level from last week’s peaks. The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.