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30 Sep 2013
EUR/JPY capturing the essence of “risk off” and Italian / Euro concerns
FXstreet.com (Barcelona) - The markets opened Sunday night very much on edge as a result of the Italian and US concerns. No currency cross reflects the mood right now more than the EUR/JPY.
EUR/JPY blows off Japanese data – Europe next. Will the data even matter Monday?
The EUR/JPY showed very little reaction to Japanese data over the last 90 minutes – instead continuing to react to the risk-averse mood around the globe resulting from the possible collapse of the Italian government and the ongoing petulance on the part of US politicians.
In addition to the concerns in Italy and the US, EUR/JPY traders will be reacting to Chinese Manufacturing PMI, German retail sales, EU consumer prices and Chicago PMI.
Technical outlook for EUR/JPY
Technicians point out that the EUR/JPY bulls still have a chance at keeping the chart in their favor if they can keep the cross from closing below the 8/23 close of 132.05. A close below that level will likely lead to a move below 131 in fairly short order. Resistance comes in at 132.69 – the 9/24 low.
EUR/JPY blows off Japanese data – Europe next. Will the data even matter Monday?
The EUR/JPY showed very little reaction to Japanese data over the last 90 minutes – instead continuing to react to the risk-averse mood around the globe resulting from the possible collapse of the Italian government and the ongoing petulance on the part of US politicians.
In addition to the concerns in Italy and the US, EUR/JPY traders will be reacting to Chinese Manufacturing PMI, German retail sales, EU consumer prices and Chicago PMI.
Technical outlook for EUR/JPY
Technicians point out that the EUR/JPY bulls still have a chance at keeping the chart in their favor if they can keep the cross from closing below the 8/23 close of 132.05. A close below that level will likely lead to a move below 131 in fairly short order. Resistance comes in at 132.69 – the 9/24 low.