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17 Sep 2013
EUR/JPY trades back to the pivot
FXstreet.com (London) - EUR/JPY is a slow burner to the upside and pivot, relative to other majors in the wake of a dollar sell off.
The EUR/JPY has benefitted on the dollar weakness surrounding the news on Larry Summers’,(a hawk) withdrawal from being considered as the next Fed Chairman and the possibility that the Dove, Janet Yellen, may be the person for the job has lead to the dollar dropping significantly towards significant levels in dollar crosses. Markets are expecting a longer term in current accommodative policies. Meanwhile, EZ CPI data has come in line with expectations while we ZEW’s later on in the week and investment flows from Japan.
EUR/JPY levels
The 20 DMA is 131.37, the 50 DMA is 130.75 and the 200 DMA is 125.82. RSI (14) reads 47.88. Supports are ascending from 130.99, 131.21, 131.37 and 131.59. spot is currently 132.08 while resistances are 132.65, 133.07, 133.24 and 134.37.
The EUR/JPY has benefitted on the dollar weakness surrounding the news on Larry Summers’,(a hawk) withdrawal from being considered as the next Fed Chairman and the possibility that the Dove, Janet Yellen, may be the person for the job has lead to the dollar dropping significantly towards significant levels in dollar crosses. Markets are expecting a longer term in current accommodative policies. Meanwhile, EZ CPI data has come in line with expectations while we ZEW’s later on in the week and investment flows from Japan.
EUR/JPY levels
The 20 DMA is 131.37, the 50 DMA is 130.75 and the 200 DMA is 125.82. RSI (14) reads 47.88. Supports are ascending from 130.99, 131.21, 131.37 and 131.59. spot is currently 132.08 while resistances are 132.65, 133.07, 133.24 and 134.37.