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26 Aug 2013
EUR/JPY soars on Ewald Nowotny comments
FXstreet.com (Athens) - EUR/JPY is trading upwards for a third consecutive day, as the single currency found solid boost on dismal US housing data, as well on Nowotny’s comments.
The single currency was well supported on Friday, as European Central Bank policymaker Ewald Nowotny said he did not see much reason for the ECB to cut interest rates. What’s more, after the disappointing release in U.S. new home sales, euro rose 0.1 percent to 131.97 yen, after touching a one-month high of 132.42. On Sunday’s Asian trading and on the European morning session, the pair manages to sit well above the 131.20 area. ECB’S Jens Weidmann, said in an interview with German daily Handelsblatt for release on Monday. "A debt relief that would only leave us to confront the same situation in five years would be counterproductive and a wrong signal for program countries," Weidmann told the paper.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 131.80, down 0.11%. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 131.60, 131.27, 130.87 and resistance at 132.77, 133.10 and 133.44 respectively
The single currency was well supported on Friday, as European Central Bank policymaker Ewald Nowotny said he did not see much reason for the ECB to cut interest rates. What’s more, after the disappointing release in U.S. new home sales, euro rose 0.1 percent to 131.97 yen, after touching a one-month high of 132.42. On Sunday’s Asian trading and on the European morning session, the pair manages to sit well above the 131.20 area. ECB’S Jens Weidmann, said in an interview with German daily Handelsblatt for release on Monday. "A debt relief that would only leave us to confront the same situation in five years would be counterproductive and a wrong signal for program countries," Weidmann told the paper.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 131.80, down 0.11%. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 131.60, 131.27, 130.87 and resistance at 132.77, 133.10 and 133.44 respectively