Back
12 Sep 2013
EUR/JPY on inconclusive battle to fight back 133.00 front
FXstreet.com (Chicago) - EUR/JPY snapped back above 133.00 zone ahead of Tokyo’s opening momentarily. The pair had failed to sustain the zone at the closing of the American trading session ahead of Japanese data.
Weak week for the yen
The yen, safe haven currency, has been under pressure after the announcement of a potential tax sales hike (negative for the currency) this October 2nd –instead of next spring 2014. Moreover, the progressive fade off of the Syrian conflict has triggered extended sell-off for the currency that has become less attractive for more complacent market participants who, aligned with international leaders’ announcements, accept the apparent peaceful solution to the disagreement. The Security Council permanent countries, France, UK, US, China and Russia were expected to meet today in NY to discuss possible diplomatic solutions to the possession of chemical weaponry by Syrian President Assad. At the moment, no final conclusions have been made public.
EUR/JPY Technical Levels
Price action reveals higher lows towards the end of the journey after choppy trading throughout the day. The pair sustains almost 3.5-month peaks (after May 21st spike) to consolidate the euro’s dominance against a yen that has had a remarkably poor performance against majors this past week. Offered at 133.01, the pair oscillates between supports at 132.75 (July 24th highs), 132.41 (August 23rd highs) ahead of 132.20 (September 9th highs) and resistances at 133.30 (session highs), 133.90 (May 2013 highs) followed by 134.65 (December 27th 2009). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
Weak week for the yen
The yen, safe haven currency, has been under pressure after the announcement of a potential tax sales hike (negative for the currency) this October 2nd –instead of next spring 2014. Moreover, the progressive fade off of the Syrian conflict has triggered extended sell-off for the currency that has become less attractive for more complacent market participants who, aligned with international leaders’ announcements, accept the apparent peaceful solution to the disagreement. The Security Council permanent countries, France, UK, US, China and Russia were expected to meet today in NY to discuss possible diplomatic solutions to the possession of chemical weaponry by Syrian President Assad. At the moment, no final conclusions have been made public.
EUR/JPY Technical Levels
Price action reveals higher lows towards the end of the journey after choppy trading throughout the day. The pair sustains almost 3.5-month peaks (after May 21st spike) to consolidate the euro’s dominance against a yen that has had a remarkably poor performance against majors this past week. Offered at 133.01, the pair oscillates between supports at 132.75 (July 24th highs), 132.41 (August 23rd highs) ahead of 132.20 (September 9th highs) and resistances at 133.30 (session highs), 133.90 (May 2013 highs) followed by 134.65 (December 27th 2009). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.