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18 Jun 2013
EUR/JPY inching high towards 127.00
FXstreet.com (Barcelona) - The EUR/JPYfinished the day slightly higher, climbing 65 pips to finish at 126.27. Currently, the pair is up another 38 pips during the Asia session at 126.64.
German ZEW on tap at 9:00GMT
Economic data in the coming session will be fairly busy from both regions. To kick things off, Japan will release a couple of reports at 4:30GMT including Industrial Production and Capacity Utilization. Later on the day, we will see the German ZEW figures which will be released at 9:00GMT. According to analysts at Rabobank, “Germany’s ZEW is of interest for what it signals about investor and analyst reaction to recent market volatility. A small improvement is expected, suggesting respondents are not too concerned.”
EUR/JPY short term charts still promote a bearish tilt
Val Bednarik, Chief Analyst at FXstreet.com gave some of her most recent thoughts on the current technical set up of the short term time frame charts. “The EUR/JPY found sellers around the 127.00 level, former support and now strong resistance, where the hourly 100 SMA stands now. While indicators stands flat above their midlines, moving averages continue heading lower above current price and distance in between both, 100 and 200 SMA’s widening, which keeps the pressure to the downside.” In conclusion, Bedanarik went on to mention the mid day sell off in US stocks also seemed to promote some intra day selling in the Yen crosses.
German ZEW on tap at 9:00GMT
Economic data in the coming session will be fairly busy from both regions. To kick things off, Japan will release a couple of reports at 4:30GMT including Industrial Production and Capacity Utilization. Later on the day, we will see the German ZEW figures which will be released at 9:00GMT. According to analysts at Rabobank, “Germany’s ZEW is of interest for what it signals about investor and analyst reaction to recent market volatility. A small improvement is expected, suggesting respondents are not too concerned.”
EUR/JPY short term charts still promote a bearish tilt
Val Bednarik, Chief Analyst at FXstreet.com gave some of her most recent thoughts on the current technical set up of the short term time frame charts. “The EUR/JPY found sellers around the 127.00 level, former support and now strong resistance, where the hourly 100 SMA stands now. While indicators stands flat above their midlines, moving averages continue heading lower above current price and distance in between both, 100 and 200 SMA’s widening, which keeps the pressure to the downside.” In conclusion, Bedanarik went on to mention the mid day sell off in US stocks also seemed to promote some intra day selling in the Yen crosses.