Back
8 Jan 2014
EUR/JPY declines following German data miss
Having climbed overnight from an opening low of 142.32, EUR/JPY has climbed to post a high at 143.14, before declining to where spot is presently trading at 142.93.
EUR/JPY declines from Fibo resistance following German data
When applying a Fibonacci Retracement from the Dec 27 high at 145.67, to the Jan 3 low of 141.48, we see that spot has crept high, eventually breaking above 23.6% resistance at 142.46 on the fourth attempt, to test the 38.2% level at 143.08 before being rejected this morning. Overnight saw a lack of Japanese data, and this morning has seen a number of data misses for Germany, with Trade Balance, Exports and Imports all disappointing expectations. Ahead we have Italian Unemployment, EZ Retail Sales, Unemployment, and German Factory Orders, before the FOMC minutes later this evening.
What are today´s key EUR/JPY levels?
Hourly RSI is ranging at 55, with ADX at 30 and also neutral. With spot at 142.80, next support can be seen at 142.65 (R1), 142.57 (Jan 7 High), 142.29 (PP), 141.98 (S1), 141.62 (S2), and 141.48 (Jan 6 Low). Resistance ahead can be seen at 142.97 (R2), 143.30-33 (Jan 3 High-R3), 144.40 (Dec 31 Low), and 145.67 (Dec 27 High). A Piercing Line Candlestick pattern can be seen on the daily chart, alongside a Dark Cloud Cover on the weekly.
EUR/JPY declines from Fibo resistance following German data
When applying a Fibonacci Retracement from the Dec 27 high at 145.67, to the Jan 3 low of 141.48, we see that spot has crept high, eventually breaking above 23.6% resistance at 142.46 on the fourth attempt, to test the 38.2% level at 143.08 before being rejected this morning. Overnight saw a lack of Japanese data, and this morning has seen a number of data misses for Germany, with Trade Balance, Exports and Imports all disappointing expectations. Ahead we have Italian Unemployment, EZ Retail Sales, Unemployment, and German Factory Orders, before the FOMC minutes later this evening.
What are today´s key EUR/JPY levels?
Hourly RSI is ranging at 55, with ADX at 30 and also neutral. With spot at 142.80, next support can be seen at 142.65 (R1), 142.57 (Jan 7 High), 142.29 (PP), 141.98 (S1), 141.62 (S2), and 141.48 (Jan 6 Low). Resistance ahead can be seen at 142.97 (R2), 143.30-33 (Jan 3 High-R3), 144.40 (Dec 31 Low), and 145.67 (Dec 27 High). A Piercing Line Candlestick pattern can be seen on the daily chart, alongside a Dark Cloud Cover on the weekly.