4 Jul 2013
EUR/JPY remains entrenched at 130.00 barrier after Kuroda
FXstreet.com (New York) - The EUR/JPY technical cross has been stubbornly clinging to the 130.00 region, despite Japanese data and a recent speech from the BOJ during Asian trading.
Recently, the BOJs Kuroda gave a snapshot update of the Japanese economy – not only has it been picking up, but the economy is now projected to return to a moderate growth path he portends. Moreover, the BOJ will continue easing until the 2.0% CPI growth rate has stabilized.
EUR/JPY virtually unchanged off opening
In these moments Thursday, the EUR/JPY is now trading at 129.98, having moved a marginal -0.02% off its opening. Supportive regions have been identified at 129.50, ahead of 129.10, and finally 128.80.
EUR/JPY downside exposed below 129.50 support
According to Valeria Bednarik, an analyst at FXstreet.com, “The hourly chart shows the EUR/JPY standing above its 100-hourly SMA, although indicators are heading south into negative territory, which keeps the upside limited. Below the 129.50 region, the downside is exposed again towards 128.40/80 price zone.”
Recently, the BOJs Kuroda gave a snapshot update of the Japanese economy – not only has it been picking up, but the economy is now projected to return to a moderate growth path he portends. Moreover, the BOJ will continue easing until the 2.0% CPI growth rate has stabilized.
EUR/JPY virtually unchanged off opening
In these moments Thursday, the EUR/JPY is now trading at 129.98, having moved a marginal -0.02% off its opening. Supportive regions have been identified at 129.50, ahead of 129.10, and finally 128.80.
EUR/JPY downside exposed below 129.50 support
According to Valeria Bednarik, an analyst at FXstreet.com, “The hourly chart shows the EUR/JPY standing above its 100-hourly SMA, although indicators are heading south into negative territory, which keeps the upside limited. Below the 129.50 region, the downside is exposed again towards 128.40/80 price zone.”