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11 Sep 2013
EUR/JPY slides on a corrective price action
FXstreet.com (Athens)- The EUR/JPY is on a slight downtrend mode on Wednesday’s European trading session, on a movement that is likely to reflect a corrective price action.
EUR/JPY seems to be in a corrective pullback trend
While the EUR/JPY was trading upwards on the opening of the Asian’s trading session, hitting a high as of 133.36, it rebounded on European session below 133.00 area. Taken for granted that the risk-appetite mood, has by no means fade away even slightly, the pair’s downtrend could well attributed to a corrective price action following the currency standout performance amid a swell in risk appetite yesterday. That advance could also well be attributed on easing worries about a Western military intervention in Syria, as well as a risk-on sentiment. However, risk appetite may deflate somewhat after the recent big-splash improvement.
Technical outlook on EUR/JPY
At the time of writing the pair is trading near 132.93, down 0.17%. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15 minutes chart. The crucial support that needs to be maintained in order that the pair would not again get caught in the triangle pattern, 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: 133.96, R2:134.40 R3: 134.63, respectively.
EUR/JPY seems to be in a corrective pullback trend
While the EUR/JPY was trading upwards on the opening of the Asian’s trading session, hitting a high as of 133.36, it rebounded on European session below 133.00 area. Taken for granted that the risk-appetite mood, has by no means fade away even slightly, the pair’s downtrend could well attributed to a corrective price action following the currency standout performance amid a swell in risk appetite yesterday. That advance could also well be attributed on easing worries about a Western military intervention in Syria, as well as a risk-on sentiment. However, risk appetite may deflate somewhat after the recent big-splash improvement.
Technical outlook on EUR/JPY
At the time of writing the pair is trading near 132.93, down 0.17%. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15 minutes chart. The crucial support that needs to be maintained in order that the pair would not again get caught in the triangle pattern, 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: 133.96, R2:134.40 R3: 134.63, respectively.