2 Sep 2013
EUR/JPY sitting well above 130.00 level on easing fears on Syria’s issue
FXstreet.com (Athens) - The EUR/JPY is trading on the upper level on early Monday’s European trading session, due to solid Japanese data and on easing worries on Syria’s jitters.
EUR/JPY sitting well above 130.00 level on easing fears on Syria’s issue
The pair is trading upwards on Monday, as worries about Syria strike ease and data released on the weekend regarding China, boosted risk-appetite. To elaborate on, China’s manufacturing Purchasing Managers’ Index (CPMINDX) was 51.0 in August, showing an expansion and easing worries that the second biggest economy in the world, is in sluggish mode. In addition, President Obama stated that he will ask for Congress to approve military action beforehand, therefore the threat of an imminent strike seems to have diminished, at least temporarily. Furthermore, the pair was also boosted by Japan better than expected data, especially regarding the Japanese capital spending, i.e. ‘Abenomics’ is on solid track. In Europe we are ahead of PMI data today and on ECB’s meeting on Thursday.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 131.04, up 0.72%. The FXstreet.com Trend Index shows the pair to be slightly bullish and extremely overbought in the 15 minutes chart. Daily pivot point support can be found at 129.67, 128.10, 127.86 and resistance at 131.07, 131.20 and 132.62 respectively.
EUR/JPY sitting well above 130.00 level on easing fears on Syria’s issue
The pair is trading upwards on Monday, as worries about Syria strike ease and data released on the weekend regarding China, boosted risk-appetite. To elaborate on, China’s manufacturing Purchasing Managers’ Index (CPMINDX) was 51.0 in August, showing an expansion and easing worries that the second biggest economy in the world, is in sluggish mode. In addition, President Obama stated that he will ask for Congress to approve military action beforehand, therefore the threat of an imminent strike seems to have diminished, at least temporarily. Furthermore, the pair was also boosted by Japan better than expected data, especially regarding the Japanese capital spending, i.e. ‘Abenomics’ is on solid track. In Europe we are ahead of PMI data today and on ECB’s meeting on Thursday.
Technical outlook on EUR/JPY
At the time of writing, the pair is trading at 131.04, up 0.72%. The FXstreet.com Trend Index shows the pair to be slightly bullish and extremely overbought in the 15 minutes chart. Daily pivot point support can be found at 129.67, 128.10, 127.86 and resistance at 131.07, 131.20 and 132.62 respectively.