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15 Aug 2013
EUR/JPY succumbs below 130.00 support
FXstreet.com (Chicago) - EUR/JPY reached 130.37 to retrace quickly thereafter after impressive impulsive movement post foreign investment data release in Japan, although the move related to goboti flow market sources suggested, which got quickly faked out.
The pair fell below 130.00 zone within seconds on a trampoline rhythm indicative of strong collision of demand and supply action.
The Japanese government states “deflation is ending” in the country as Prime Minister Shinzo Abe seems to be on his way to success to boost economic recovery and end growth stagnation. Market participants seem to have reacted to governmental remarks in earnest.
Price action indicates the pair accumulates 0.08% daily losses as gains were not maintained after quick retracement. At 129.97, the pair trades below key support at 130.09 (August 9th highs), and slightly above 129.89 (August 6th lows) ahead of 129.72 (July 30th highs). On the upside, resistances are aligned at 130.38 (August 1st lows), 130.54 (August 6th highs) followed by 130.76 (July 31st highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis with a price above the EMA20.
The pair fell below 130.00 zone within seconds on a trampoline rhythm indicative of strong collision of demand and supply action.
The Japanese government states “deflation is ending” in the country as Prime Minister Shinzo Abe seems to be on his way to success to boost economic recovery and end growth stagnation. Market participants seem to have reacted to governmental remarks in earnest.
Price action indicates the pair accumulates 0.08% daily losses as gains were not maintained after quick retracement. At 129.97, the pair trades below key support at 130.09 (August 9th highs), and slightly above 129.89 (August 6th lows) ahead of 129.72 (July 30th highs). On the upside, resistances are aligned at 130.38 (August 1st lows), 130.54 (August 6th highs) followed by 130.76 (July 31st highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis with a price above the EMA20.