22 Aug 2013
EUR/JPY edges higher, 3-week peaks
FXstreet.com (Chicago) - EUR/JPY extends bullish rally adding 0.90% daily gains to euro holders so far. The euro strengthened after positive manufacturing data in the European zone might indicate economic recovery.
Uplifting red sparks
The Marking Manufacturing PMI for August was 51.3 vs. expected 50.8 along a Markit PMI Composite at 51.7 vs. expected 50.9 and a Markit Services PMI at 51.0 vs. estimates at 50.2. Chinese data sparked positivism pulling European stock markets higher to close with gains.
According to the ICN technical analysis team, the pair is expected to trade between main support at 130.20 and the main resistance at 132.70 on an upside trend for the short-term.
EUR/JPY Technical Levels
Price action reveals the pair trades on 3-week ranges to be offered at 131.60 between supports at 131.28 (July 17th highs), 131.00 (August 2nd lows) ahead of 130.67 (August 14th highs) and resistances at 131.90 (July 29th highs), 132.23 (July 20th highs) ahead of 132.73 (July 24th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, up 0.90% so far and flowing above the EMA20.
Uplifting red sparks
The Marking Manufacturing PMI for August was 51.3 vs. expected 50.8 along a Markit PMI Composite at 51.7 vs. expected 50.9 and a Markit Services PMI at 51.0 vs. estimates at 50.2. Chinese data sparked positivism pulling European stock markets higher to close with gains.
According to the ICN technical analysis team, the pair is expected to trade between main support at 130.20 and the main resistance at 132.70 on an upside trend for the short-term.
EUR/JPY Technical Levels
Price action reveals the pair trades on 3-week ranges to be offered at 131.60 between supports at 131.28 (July 17th highs), 131.00 (August 2nd lows) ahead of 130.67 (August 14th highs) and resistances at 131.90 (July 29th highs), 132.23 (July 20th highs) ahead of 132.73 (July 24th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, up 0.90% so far and flowing above the EMA20.