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8 May 2013
Forex: EUR/JPY advances continue to be capped at 130.50
FXstreet.com (Barcelona) - The EUR/JPY finished the session down 45 pips at 129.40. Initially the pair had traded as high as 130.36, but was again capped just below the 130.50 level for the third day in a row. There will be no upcoming economic releases from Japan in the coming session, while the main focus in Europe will be German Industrial Production due out at 10:00GMT. Currently, the pair is leaking lower during Asia trade, down 34 pips at 129.19.
According to Val Bednarik of FXStreet.com, “Yen gathered some temporal strength against most rivals, following the revision of Japan Q4 GDP, discovered by accident: annualized nominal GDP was corrected to -0.5% from -1.3%, among other huge revisions due to initial miscalculations. However, the overall positive sentiment that took over markets mid American session, prevented the pair from falling further.“
She went on to add, “Ahead of Asian opening, the hourly chart shows price heading south and nearing 129.20, base of these last few days. The pair has set a triple roof in the 130.40 price zone, and a break below mentioned low, neckline of the figure, should anticipate further slides in the pair, towards 128.40 for this Wednesday.”
According to Val Bednarik of FXStreet.com, “Yen gathered some temporal strength against most rivals, following the revision of Japan Q4 GDP, discovered by accident: annualized nominal GDP was corrected to -0.5% from -1.3%, among other huge revisions due to initial miscalculations. However, the overall positive sentiment that took over markets mid American session, prevented the pair from falling further.“
She went on to add, “Ahead of Asian opening, the hourly chart shows price heading south and nearing 129.20, base of these last few days. The pair has set a triple roof in the 130.40 price zone, and a break below mentioned low, neckline of the figure, should anticipate further slides in the pair, towards 128.40 for this Wednesday.”