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27 Aug 2013
EUR/JPY tumbles amid risk-off markets
FXstreet.com (Athens): The EUR/JPY is falling apart due to Syria risk-aversion environment.
EUR/JPY collapses despite German IFO touched a 16 month high
Syria’s troubles and much weaker US housing data were enough to finally spread fears across the board. As a consequence, traders seek ‘safe-haven’ assets, with the Japanese yen being among one of these. Investors probably may not be taken aback by the demand for the safe haven currencies, as the impact of the emerging market meltdown as well as, the emerging saber-rattling out of the Middle East, have driven markets to a ‘risk-of’ mode. What’s more, while everyone knows about the fact that sooner or later the ‘tapering’ will start, still the ‘when’ puts a harsh puzzle on traders minds.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 129.87 down 1.33% and very close to its daily low of 129.84. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 129.67, 128.10, 127.86 and resistance at 130.60, 131.20 and 132.01 respectively
EUR/JPY collapses despite German IFO touched a 16 month high
Syria’s troubles and much weaker US housing data were enough to finally spread fears across the board. As a consequence, traders seek ‘safe-haven’ assets, with the Japanese yen being among one of these. Investors probably may not be taken aback by the demand for the safe haven currencies, as the impact of the emerging market meltdown as well as, the emerging saber-rattling out of the Middle East, have driven markets to a ‘risk-of’ mode. What’s more, while everyone knows about the fact that sooner or later the ‘tapering’ will start, still the ‘when’ puts a harsh puzzle on traders minds.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 129.87 down 1.33% and very close to its daily low of 129.84. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 129.67, 128.10, 127.86 and resistance at 130.60, 131.20 and 132.01 respectively