EUR/JPY continues to consolidate above 133.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The euro finished higher against the yen on Tuesday and it continued to consolidate above 133.00. EUR/JPY peaked at 134.00 during the American session and finished trading around that level.

    EUR/JPY technical outlook

    Last week it peaked above 134.50 and then pulled back. Since last Friday it is moving sideways, with support above 133.30 and resistance below 134.50. “The EUR/JPY pair continues trading range bound, ending the day slightly higher amid EUR's strength, although with the pair still unable to firm up above the 134.00 figure”, said Valeria Bednarik, Chief Analyst at FXStreet.

    According to Bednarik, in the 4-hour chart, “the RSI indicator heads higher around 64, but the Momentum indicator lacks directional strength around its mid-line, suggesting some further consolidation ahead. An advance above 134.20 should favor some further gains, pointing then to a test of the 135.00 region.” Around 134.20 the 100 and 200-day moving average currently stand.

    Economic calendar

    On Wednesday, economic data included the release of machine tools orders in Japan and trade data from German. Those numbers are not likely to impact on EUR/JPY. On Tuesday, the GDP report from the third quarter in Japan was revised from -0.2% to 0.3%.
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