EURJPY pair is finding some support in Asia, bidding up following yesterday’s decline. How is the pair currently priced? Read on as it is revealed in the 8 February EURJPY Technical Analysis.
8 February, GKFX – EUR/JPY is finding a small bump in Asia trading, up to 134.20 on light volume. The pair is currently rebounding after dropping steadily throughout yesterday’s trading, with New York seeing EUR/JPY closing down almost 160 pips over a 24 hour period.
This is a continuation of the bearish move that began this week, with market-wide risk aversion that saw equities tumbling and bond yields spiking to multi-year highs. The Japanse Yen is a safe haven of choice for many traders, much to the BoJ’s chagrin, with traders piling into the Japanese currency when inflation fears sparked the recent run on risk.
German trade data
German Trade Account and Current Account will be published at 07:00 GMT today, and with market forecasts calling for slight declines for Germany’s import-export scene, a positive surprise could be what the Euro needs to get EUR/JPY moving upwards again.
8 February EURJPY Technical Analysis
Intraday support/resistance for the pair is currently priced in at 133.83 and 134.53 respectively, while Daily charts are still very much bullish, with EUR/JPY trading just beneath the 34 EMA and still well above the 200-day SMA, with technical indicators already drifting into neutral territory despite the lack of trend-altering price movements.
Today’s pivot points:
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