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20 Sep 2013
EUR/JPY hovering upwards but in a tight range
FXstreet.com (Athens)- The EUR/JPY is sitting on the fence, amidst the German weekend elections and after having gained roughly 200 pips on a weekly basis.
EUR/JPY sits on the fence ahead German elections but still shows uptrend momentum
The EUR/JPY climbed higher one more day, despite the fact that after the sharp uptrend movement this week, a corrective downtrend pullback could be more than logical. However the pair continues to set up an uptrend momentum, touching highs not seen since November of 2009. The continuation of the uptrend movement will be at a more or less extent, depended on the German elections result. Since Merkel is “widely accepted by markets as a euro zone friendly politician” , her third consecutive win will might boost the cross further.
Technical Perspective and Outlook on EUR/JPY
Karen Jones, Head of Technical Analysis at Commerzbank, mentions that “EUR/JPY has again climbed higher and is holding well over the 20 day ma at 131.62. It targets the 133.82 May high in the firstinstance and above it lies the 2010 peak at 134.37. Still further up sitsmajor resistance at 137.42/139.26 where the April, May, August and October 2009 highs were all made. The triangle measures up to 141.05
EUR/JPY sits on the fence ahead German elections but still shows uptrend momentum
The EUR/JPY climbed higher one more day, despite the fact that after the sharp uptrend movement this week, a corrective downtrend pullback could be more than logical. However the pair continues to set up an uptrend momentum, touching highs not seen since November of 2009. The continuation of the uptrend movement will be at a more or less extent, depended on the German elections result. Since Merkel is “widely accepted by markets as a euro zone friendly politician” , her third consecutive win will might boost the cross further.
Technical Perspective and Outlook on EUR/JPY
Karen Jones, Head of Technical Analysis at Commerzbank, mentions that “EUR/JPY has again climbed higher and is holding well over the 20 day ma at 131.62. It targets the 133.82 May high in the firstinstance and above it lies the 2010 peak at 134.37. Still further up sitsmajor resistance at 137.42/139.26 where the April, May, August and October 2009 highs were all made. The triangle measures up to 141.05