16 Oct 2013
EUR/JPY bouncing Wednesday after fairly sharp sell-off Tuesday; support at 132.76
FXstreet.com (Barcelona) - The EUR/JPY being crushed Tuesday was the global investment community expressing their disappointment with the goings on in DC. All that damage can be reversed and then some at the first hint of real resolution in the coming days.
EUR/JPY to react to data and the ”DC Two-Step”
EUR/JPY went from trading extremely bullishly Monday to full correction mode Tuesday. Thus far on Wednesday, though, we have seen a strong bounce – perhaps technically generated – off of the Fibonacci retracement of 132.76.
In addition to monitoring Washington DC for progress Wednesday, traders will have to digest EuroZone CPI and trade balance data.
Technical outlook for EUR/JPY
Technicians say that resistance for the EUR/JPY comes in at Tuesday’s high of 133.61 and is backed up by Monday’s high of 133.82. Support meanwhile comes in at Fibonacci support of 132.76 and is followed by the 10/10 low and the next Fibonacci support of 132.45.
EUR/JPY to react to data and the ”DC Two-Step”
EUR/JPY went from trading extremely bullishly Monday to full correction mode Tuesday. Thus far on Wednesday, though, we have seen a strong bounce – perhaps technically generated – off of the Fibonacci retracement of 132.76.
In addition to monitoring Washington DC for progress Wednesday, traders will have to digest EuroZone CPI and trade balance data.
Technical outlook for EUR/JPY
Technicians say that resistance for the EUR/JPY comes in at Tuesday’s high of 133.61 and is backed up by Monday’s high of 133.82. Support meanwhile comes in at Fibonacci support of 132.76 and is followed by the 10/10 low and the next Fibonacci support of 132.45.