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1 Aug 2013
EUR/JPY held by 131.467 resistance
FXstreet.com (Chicago) - EUR/JPY was held by 131.467 resistance after emerging from 130.00 regions on aftermath of ECB’s assessment and all time highs in Wall Street.
Earlier Thursday, the ECB determined to maintain its 0.5% interest rate for lending as President Mario Draghi confirmed static improvements on deflation for Euro-zone nations. Markets closed with gains with DAX up 1.63%, CAC40 up 1.25% and FTSE up 0.92%. EU manufacturing data outperformed expectations at 50.3 vs. projected 50.1 to consolidate bullish bias that pushed euro higher against a yen that weakened 0.98%.
Technically speaking, the pair was trading at 131.44 at moment of writing, between supports at 131.15 (June 10 highs), 131.29 (May 31 highs), 131.36 (July 17 highs) and resistances at 131.51 (May 24 highs), 131.61 (May 16 lows). Price action indicated a strong barrier around first resistance at 131.46 as pair failed twice to break above region for small retracement. The FXstreet.com technical studies reported pair as slightly bullish as price traded above all EMAs for short and long hauls. The MACD indicator pointed up on one-hour timeframe analysis.
Earlier Thursday, the ECB determined to maintain its 0.5% interest rate for lending as President Mario Draghi confirmed static improvements on deflation for Euro-zone nations. Markets closed with gains with DAX up 1.63%, CAC40 up 1.25% and FTSE up 0.92%. EU manufacturing data outperformed expectations at 50.3 vs. projected 50.1 to consolidate bullish bias that pushed euro higher against a yen that weakened 0.98%.
Technically speaking, the pair was trading at 131.44 at moment of writing, between supports at 131.15 (June 10 highs), 131.29 (May 31 highs), 131.36 (July 17 highs) and resistances at 131.51 (May 24 highs), 131.61 (May 16 lows). Price action indicated a strong barrier around first resistance at 131.46 as pair failed twice to break above region for small retracement. The FXstreet.com technical studies reported pair as slightly bullish as price traded above all EMAs for short and long hauls. The MACD indicator pointed up on one-hour timeframe analysis.