27 Dec 2013
EUR/JPY still overbought but still in bullish technical posture; next target 144.74
FXstreet.com (Barcelona) - EUR/JPY bears seem to be disinterested in getting in the way of the bullish train – especially during the relatively light holiday trading environment.
EUR/JPY traders will have plenty of Japanese data to digest Friday
EUR/JPY traders have no European data due out Friday. However, there is a long list of Japanese data points due out in just a little while, including:
• Japanese inflation data (CPI, etc.)
• Japanese Household Spending
• Foreign investment in Japanese Securities
• Japanese Unemployment
• Japanese Industrial Production
Technical outlook for EUR/JPY
Technicians say the EUR/JPY is overbought and overdue for a corrective move lower. Given the time of year and the window dressing that may be going on, the EUR/JPY cross is liable to continue to resist correcting lower until the end of the year and perhaps even into the first few sessions of 2014. Resistance for the macro move comes in at 145.76. But, some shorter-term resistance comes in at 144.74. Support starts at the 12/23 pivot low of 142.09 and is backed up by the 12/19 low of 141.86.
EUR/JPY traders will have plenty of Japanese data to digest Friday
EUR/JPY traders have no European data due out Friday. However, there is a long list of Japanese data points due out in just a little while, including:
• Japanese inflation data (CPI, etc.)
• Japanese Household Spending
• Foreign investment in Japanese Securities
• Japanese Unemployment
• Japanese Industrial Production
Technical outlook for EUR/JPY
Technicians say the EUR/JPY is overbought and overdue for a corrective move lower. Given the time of year and the window dressing that may be going on, the EUR/JPY cross is liable to continue to resist correcting lower until the end of the year and perhaps even into the first few sessions of 2014. Resistance for the macro move comes in at 145.76. But, some shorter-term resistance comes in at 144.74. Support starts at the 12/23 pivot low of 142.09 and is backed up by the 12/19 low of 141.86.