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23 Aug 2013
EUR/JPY, 132.00 well protected
FXstreet.com (Chicago) - EUR/JPY was propelled above 132.20 zone earlier in Asia after the ECB policymaker Ewald Nowotny commented on the unnecessary interest rates cut after empiric evidence that the European Union economic situation is on its way to recovery.
Uplifting remarks
Price action reveals heavy buying at the opening of the Asian trading session potentially explained by uplifting comments by ECB’s Nowotny. The bulls sent the pair above 132.30 4-week highs, extending rally and consolidating reversal from 128.30 lows last week. In Japan the Nikkei closed the week with 2.21% gains, setting the tone for Europe with the Euronext up 0.32%, the CAC40 up 0.25% and the DAX up 0.23%.
EUR/JPY Technical Levels
At 132.09, the pair trades between supports at 131.90 (August 2nd highs), 131.54 (August 4th highs) ahead of 131.10 (August 3rd lows) and resistances at 132.23 (July 20th highs), 132.73 (July 24th highs) followed by 133.35 (May 22nd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, flowing above the EMA20.
Uplifting remarks
Price action reveals heavy buying at the opening of the Asian trading session potentially explained by uplifting comments by ECB’s Nowotny. The bulls sent the pair above 132.30 4-week highs, extending rally and consolidating reversal from 128.30 lows last week. In Japan the Nikkei closed the week with 2.21% gains, setting the tone for Europe with the Euronext up 0.32%, the CAC40 up 0.25% and the DAX up 0.23%.
EUR/JPY Technical Levels
At 132.09, the pair trades between supports at 131.90 (August 2nd highs), 131.54 (August 4th highs) ahead of 131.10 (August 3rd lows) and resistances at 132.23 (July 20th highs), 132.73 (July 24th highs) followed by 133.35 (May 22nd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, flowing above the EMA20.