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5 Aug 2013
EUR/JPY finds support at 130.50
FXstreet.com (Barcelona) - EUR/JPY posted an overnight high at 131.55 before selling off during the overnight session to post a low at 130.53.
JPY pairs were led lower overnight as Asian stocks reacted to Fridays NFP data and reduced expectations of US Fed tapering. Notably, the Nikkei closed down -1.44%. This morning has seen European Sevice PMIs beat expectations, with the exception of Germany, and an increase in Investor Confidence. Ahead we have US ISM Non-Manufacturing PMI.
EUR/JPY Technically bullish
The FXstreet.com Trend Index is showing EUR/JPY as being technically bearish. Spot found pivot point support early at daily classic S2 at 130.56 before upticking to where it currently trades at 130.72, still down -0.5% on the days traing. Support below can be seen at S3 130.05 while resistance ahead can be found at S1 at 130.96 and the daily pivot at 131.47. Hourly oscillators are showing the pair in or at least close to oversold territory, with Stochastics at 13, while RSI, having dipped into oversold, is now at 35 and moving with an upward bias.
JPY pairs were led lower overnight as Asian stocks reacted to Fridays NFP data and reduced expectations of US Fed tapering. Notably, the Nikkei closed down -1.44%. This morning has seen European Sevice PMIs beat expectations, with the exception of Germany, and an increase in Investor Confidence. Ahead we have US ISM Non-Manufacturing PMI.
EUR/JPY Technically bullish
The FXstreet.com Trend Index is showing EUR/JPY as being technically bearish. Spot found pivot point support early at daily classic S2 at 130.56 before upticking to where it currently trades at 130.72, still down -0.5% on the days traing. Support below can be seen at S3 130.05 while resistance ahead can be found at S1 at 130.96 and the daily pivot at 131.47. Hourly oscillators are showing the pair in or at least close to oversold territory, with Stochastics at 13, while RSI, having dipped into oversold, is now at 35 and moving with an upward bias.