24 Sep 2013
EUR/JPY continues to tumble reflecting short-term risk aversion; support 133.08
FXstreet.com (Barcelona) - EUR/JPY is trading just above Monday’s low at 133.08 as global money managers nervously await a catalyst for another upside push.
EUR/JPY signaling short-term “risk off” condition
EUR/JPY traders will get to trade off of German Business Climate, Current Assessment and Expectations on Tuesday but will have no other data points upon which to rely for direction. Chances are, like AUD/JPY, EUR/JPY will also be utilized as a way to play the risk trade once the data is digested.
Technical outlook for EUR/JPY
Technicians say EURJPY broke below the first of two Fibonacci support levels at 133.33 and is now likely to eventually make it down to 132.56 before this correction has run its course. The obvious resistance for the cross comes in at Thursday’s high at 134.94, but technicians say the next up move should take the cross to 136.50.
EUR/JPY signaling short-term “risk off” condition
EUR/JPY traders will get to trade off of German Business Climate, Current Assessment and Expectations on Tuesday but will have no other data points upon which to rely for direction. Chances are, like AUD/JPY, EUR/JPY will also be utilized as a way to play the risk trade once the data is digested.
Technical outlook for EUR/JPY
Technicians say EURJPY broke below the first of two Fibonacci support levels at 133.33 and is now likely to eventually make it down to 132.56 before this correction has run its course. The obvious resistance for the cross comes in at Thursday’s high at 134.94, but technicians say the next up move should take the cross to 136.50.