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19 Sep 2013
EUR/JPY explodes after Fed Bomb; highest level since January of 2010
FXstreet.com (Athens)- The EUR/JPY is gaining constantly solid ground amidst risk-on sentiment as FED desists from tapering.
EUR/JPY was heavily boosted a couple of minutes earlier, after the very poor release of UK retail data, that automatically transferred funds from pound to the single currency. Things seem to ease for Euro land; Euro zone may be close enough to leaving behind the risk of an implosion of Italy’s coalition government. Elaborating on, the special 23- man Senate group voted to reject requests to avert deliberations that could see the politician expelled from Parliament. Last but not least, Cyprus’ first Troika review was a ‘pass’ with concerns.
Technical Perspective and Outlook on EUR/JPY
Karen Jones, Head of Technical Analysis at Commerzbank, mentions that “EUR/JPY has again climbed higher and is holding well over the 20 day ma at 131.62. It targets the 133.82 May high in the firstinstance and above it lies the 2010 peak at 134.37. Still further up sitsmajor resistance at 137.42/139.26 where the April, May, August and October 2009 highs were all made. The triangle measures up to 141.05.”
EUR/JPY was heavily boosted a couple of minutes earlier, after the very poor release of UK retail data, that automatically transferred funds from pound to the single currency. Things seem to ease for Euro land; Euro zone may be close enough to leaving behind the risk of an implosion of Italy’s coalition government. Elaborating on, the special 23- man Senate group voted to reject requests to avert deliberations that could see the politician expelled from Parliament. Last but not least, Cyprus’ first Troika review was a ‘pass’ with concerns.
Technical Perspective and Outlook on EUR/JPY
Karen Jones, Head of Technical Analysis at Commerzbank, mentions that “EUR/JPY has again climbed higher and is holding well over the 20 day ma at 131.62. It targets the 133.82 May high in the firstinstance and above it lies the 2010 peak at 134.37. Still further up sitsmajor resistance at 137.42/139.26 where the April, May, August and October 2009 highs were all made. The triangle measures up to 141.05.”