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8 Oct 2013
EUR/JPY ready to retest 132.00 area
FXstreet.com (Athens) – The EUR/JPY has been constantly trading upwards since the kick-off of the early trading session in Asian – apart from a couple of hours after the dismal release of the German factory data – and now ‘flirting’ again with 132.00 zone
EUR/JPY threatens seriously 132.00 area, being both in uptrend momentum and oversold
The EUR/JPY is trading nearly the 132.00 key zone the last hour, despite the fact that the US fiscal budget “jitters” continue to elevate. The cross did only made a mini pause after the release of the dismal factory data pertaining to the factory orders of the power horse of Germany. However, it soon pares its losses and is heading north gain, ready to cross again the resistance as of 132.00 area. Traders should bear into major consideration that from a technical perspective of view, the daily graph depicts clearly an uptrend momentum combined with an oversold momentum, which in plain English is very positive for the cross.
Technical Outlook on EUR/JPY
Greg Gibbs, FX Strategist at RBS feels “that many investors may be starting to see an end to the Euroland crisis. Current levels of EUR/JPY provide a good entry level for long positions if you are prepared to bet on the US avoiding the worst case fiscal debt ceiling scenario.”
EUR/JPY threatens seriously 132.00 area, being both in uptrend momentum and oversold
The EUR/JPY is trading nearly the 132.00 key zone the last hour, despite the fact that the US fiscal budget “jitters” continue to elevate. The cross did only made a mini pause after the release of the dismal factory data pertaining to the factory orders of the power horse of Germany. However, it soon pares its losses and is heading north gain, ready to cross again the resistance as of 132.00 area. Traders should bear into major consideration that from a technical perspective of view, the daily graph depicts clearly an uptrend momentum combined with an oversold momentum, which in plain English is very positive for the cross.
Technical Outlook on EUR/JPY
Greg Gibbs, FX Strategist at RBS feels “that many investors may be starting to see an end to the Euroland crisis. Current levels of EUR/JPY provide a good entry level for long positions if you are prepared to bet on the US avoiding the worst case fiscal debt ceiling scenario.”