Back
11 Jun 2013
EUR/JPY tumbles to 129.22/24
FXstreet.com (New York) - The EUR/JPY foreign exchange experienced a tumultuous session already Tuesday, accelerating its decline since European trading.
Earlier during the overnight session in Japan, the BoJ inclined to keep its interest rates at 0.1%, which is in line with consensus expectations. Moreover, Machine Tool Orders (YoY) fell by -7.4% in May, which improved upon -23.6% from April.
EUR/JPY looks ahead to 131.70 rebound target
According to the ICN.com Technical Analyst Team, “The EUR/JPY technical pair achieved the initial target around 131.00 levels and is showing a slight rebound to the downside presenting the strength of the resistance level residing at 131.70. Breaching this level is required to confirm further bullishness as the next targets resides at 133.80. On the other hand, breaking 128.25 will halt the bullish expectations.
EUR/JPY falls through support
Amidst the downtrend, the pair is now settling at 129.22/24 in these moments, incurring a loss of -1.28% off its opening. After an earlier plunge below calculated support at 129.65, the Mataf.net analyst team points to addition levels of correction at 128.38, ahead of 127.56. Alternatively, a thrust into positive territory will eventually drive the pair towards resistances at 131.74, then 132.56, onto 133.56.
Earlier during the overnight session in Japan, the BoJ inclined to keep its interest rates at 0.1%, which is in line with consensus expectations. Moreover, Machine Tool Orders (YoY) fell by -7.4% in May, which improved upon -23.6% from April.
EUR/JPY looks ahead to 131.70 rebound target
According to the ICN.com Technical Analyst Team, “The EUR/JPY technical pair achieved the initial target around 131.00 levels and is showing a slight rebound to the downside presenting the strength of the resistance level residing at 131.70. Breaching this level is required to confirm further bullishness as the next targets resides at 133.80. On the other hand, breaking 128.25 will halt the bullish expectations.
EUR/JPY falls through support
Amidst the downtrend, the pair is now settling at 129.22/24 in these moments, incurring a loss of -1.28% off its opening. After an earlier plunge below calculated support at 129.65, the Mataf.net analyst team points to addition levels of correction at 128.38, ahead of 127.56. Alternatively, a thrust into positive territory will eventually drive the pair towards resistances at 131.74, then 132.56, onto 133.56.