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10 Sep 2013
EUR/JPY soars as Syrian jitters wane
FXstreet.com (Athens)- The EUR/JPY was heavily boosted after the Japanese currency remained soft against all the crosses mainly due to the waning of geo-political fears, as well on the surging risk-appetite.
Nikkei opens higher, now gaining more than 1% and EUR/JPY makes new September high
Since the very opening of the Asian opening trading day, Asian bourses manage to take the “risk-on” sentiment from the US market, leading MSCI Asia ex Japan equity index to a +0.80% higher move. Besides, Nikkei which is heavily inversely correlated with the Japanese currency, is trading at the moment at +1.19%, which led the EUR/JPY to spike on a new (even marginal) daily high as of 132.20. We could not omit to say that the risk-appetite boosting, could be well attributed not only to the Syria’s jitters waning, but also to the fact that emerging economies seem to get out of the woods.
Technical outlook on EUR/JPY
At the time of writing the pair is trading near 132.16, up 0.12%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15 minutes chart. The pair managed to set up a marginal new monthly high today as depicted above. The crucial resistance that needs to be broken in order that the pair will break the triangle pattern at the topside (as happened already with Nikkei, AUD/JPY, USD/JPY, GBP/JPY), seems to be the July high of 132.75. Daily pivot point support can be found at S3: 130.26 S2: 130.03 S3: 129.84 and resistance at R1: 132.45 R2:132.77 R3: 132.95, respectively.
Nikkei opens higher, now gaining more than 1% and EUR/JPY makes new September high
Since the very opening of the Asian opening trading day, Asian bourses manage to take the “risk-on” sentiment from the US market, leading MSCI Asia ex Japan equity index to a +0.80% higher move. Besides, Nikkei which is heavily inversely correlated with the Japanese currency, is trading at the moment at +1.19%, which led the EUR/JPY to spike on a new (even marginal) daily high as of 132.20. We could not omit to say that the risk-appetite boosting, could be well attributed not only to the Syria’s jitters waning, but also to the fact that emerging economies seem to get out of the woods.
Technical outlook on EUR/JPY
At the time of writing the pair is trading near 132.16, up 0.12%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15 minutes chart. The pair managed to set up a marginal new monthly high today as depicted above. The crucial resistance that needs to be broken in order that the pair will break the triangle pattern at the topside (as happened already with Nikkei, AUD/JPY, USD/JPY, GBP/JPY), seems to be the July high of 132.75. Daily pivot point support can be found at S3: 130.26 S2: 130.03 S3: 129.84 and resistance at R1: 132.45 R2:132.77 R3: 132.95, respectively.