Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/JPY finds major trendline support at 127.85, good to go short on break below

EUR/JPY chart on Trading View used for analysis

  • EUR/JPY is trading at 128.33, up 0.14% on the day at the time of writing.
     
  • The pair has been rejected at 110-EMA and has seen a steep fall on Friday's trade as poor data overshadowed easing concerns regarding Italy's budget.
     
  • A below-forecast China's retail sales, industrial production data amplified fears of a global growth slowdown. 
     
  • Further, the dismal Eurozone services and manufacturing surveys further added to the malaise. 
     
  • On the data calendar today we have the Eurozone trade balance and the November CPI, scheduled for release at 10:00 GMT.
     
  • Europe's CPI reading early today could see broader markets take a turn for the risk-averse if inflation measures confirm traders' fears about an economic slowdown.
     
  • The pair finds major support at 127.85 (Trendline), break below could see further weakness. Scope then for test of 78.6% Fib at 126.66.
     
  • On the flipside, immediate resistance is seen at 5-DMA at 128.51. Bearish invalidation only on decisive breakout at 110-EMA.

Support levels - 128.04 (61.8% Fib), 127.85 (trendline), 127.61 (Dec 4 low)

Resistance levels - 128.51 (5-DMA), 128.90( 55-EMA), 129

Recommendation: Stay short on break below major trendline support at 127.85, target 127.60/ 127/126.70.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

June 17 15:00 UTC Released

USExp Soybean Inspected

Actual

675.302 M

Forecast

Previous

714.627 M

June 17 15:00 UTC Released

USExport Wheat Inspected

Actual

375.365 M

Forecast

Previous

464.779 M

January 31 00:00 UTC 723799723799m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 723799723799m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 735619735619m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 723799723799m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 735619735619m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 723799723799m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 723799723799m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 723799723799m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.