Back
5 Jul 2013
EUR/JPY breaks 20-hourly EMA, highest at 129.60
FXstreet.com (Barcelona) - EUR/JPY exchange rate is trading at the 129.58, fresh session highs, following the break higher of its previous one at 129.50, printed during the first hour of a risk-friendly Tokyo session.
Draghi's fresh dovish hit: Bad augurs for the EUR/JPY
The inflows enjoyed by the Euro on its ascent off 126.60 late June - reached a peak at 131.09 on July 2 - are expected to recede even further, following reassurance by ECB chief Draghi 'to keep interest rates at low level for extended period of time.'
EUR/JPY, bullish outlook for Asia
Ever since encountering selling pressure off 131.00, the downside moves in the EUR/JPY have been developing in a very impulsive fashion. However, dip buyers between 128.65-85 periphery have consistently emerged on the varies attempts to break lower, supporting the current build of a short-term upside bias through higher lows in Asia. The latest rise has taken out the 129.40 dynamic resistance - represented by a descending 20-hourly MA -, thus opening the doors for a test of 129.60 - supply area as is origin of the ECB-driven decline - ahead of 129.80 - July 4 intraday high -. On the downside, 129.40 should provide support.
Draghi's fresh dovish hit: Bad augurs for the EUR/JPY
The inflows enjoyed by the Euro on its ascent off 126.60 late June - reached a peak at 131.09 on July 2 - are expected to recede even further, following reassurance by ECB chief Draghi 'to keep interest rates at low level for extended period of time.'
EUR/JPY, bullish outlook for Asia
Ever since encountering selling pressure off 131.00, the downside moves in the EUR/JPY have been developing in a very impulsive fashion. However, dip buyers between 128.65-85 periphery have consistently emerged on the varies attempts to break lower, supporting the current build of a short-term upside bias through higher lows in Asia. The latest rise has taken out the 129.40 dynamic resistance - represented by a descending 20-hourly MA -, thus opening the doors for a test of 129.60 - supply area as is origin of the ECB-driven decline - ahead of 129.80 - July 4 intraday high -. On the downside, 129.40 should provide support.