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13 Jun 2013
EUR/JPY cracks 127.00, further selling pressure revealed
FXstreet.com (Barcelona) - The EUR/JPY is trading sharply lower in Asia trade, down 135 pips at 126.60.
Yen strength across the board, Nikkei plunges 6%
It’s not just the EUR/JPY experiencing steep losses, with many of the Yen crosses (aud/jpy, cad/jpy, nzd/jpy) also dropping sharply and posting multi month lows. The initial catalyst for the sharp selling in the crosses appeared to be immediately after the Australia Job Data report which was released at 1:30GMT. The print actually came in better than expected at +1,000 vs. -10,000 forecast, but risk assets are lower across the board none the less. The Nikkei has been leading the declines (no surprise given the Yen strength), dropping as much as 6% at one point earlier in the session.
EUR/JPY short term patters target further downside
The FXstreet.com Trend Index remains slightly bearish on the 1 hour chart, while the ob/os index reads neutral. It should also be noted the 1 hour close below 127.00 completed a descending triangle (on the 1 hour chart) which has a measured move targets down near the 124.76 area. Initial support remains at 126.13 (low price from 6/7), followed by 125.00 (support on weekly chart). Initial resistance remains at 127.00 (mentioned above), followed by 127.36 (the 9dma on 1 hour chart).
Yen strength across the board, Nikkei plunges 6%
It’s not just the EUR/JPY experiencing steep losses, with many of the Yen crosses (aud/jpy, cad/jpy, nzd/jpy) also dropping sharply and posting multi month lows. The initial catalyst for the sharp selling in the crosses appeared to be immediately after the Australia Job Data report which was released at 1:30GMT. The print actually came in better than expected at +1,000 vs. -10,000 forecast, but risk assets are lower across the board none the less. The Nikkei has been leading the declines (no surprise given the Yen strength), dropping as much as 6% at one point earlier in the session.
EUR/JPY short term patters target further downside
The FXstreet.com Trend Index remains slightly bearish on the 1 hour chart, while the ob/os index reads neutral. It should also be noted the 1 hour close below 127.00 completed a descending triangle (on the 1 hour chart) which has a measured move targets down near the 124.76 area. Initial support remains at 126.13 (low price from 6/7), followed by 125.00 (support on weekly chart). Initial resistance remains at 127.00 (mentioned above), followed by 127.36 (the 9dma on 1 hour chart).