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24 Aug 2015
EUR/JPY downside pressures to start the week
FXStreet (Guatemala) - EUR/JPY is currently trading at 123.74 with a high of 138.86 and a low of 138.60.
EUR/JPY fell in early Asia with a bearish gap to start the week. The Yen has been gathering pace across the board in a risk-off environment, with a poor performance on global equities, (S&P Futures open0.4% lower), on concerns in the implications of a pre-emptive PBoC and a Chinese government who have taken desperate measures to boost the economy of late.
Weekend news for EUR/JPY
The news from the weekend see's that China plans to let its main state pension fund invest in the stock market for the first time to attempt to prevent continue slides. The week ahead is heavy on the data front for Europe, with German final 2015Q2 GDP, the August IFO business survey, and August CPI. We already had the headline GDP figure last week at 0.4% q/q, but this coming week's release will put more colour on the numbers.
EUR/JPY technical support levels
EUR/JPY is failing on the upside with a series of attempts that have been capped around the 100% 100% Fibonacci extension of the July bounce at 138.85. However, if the downside can hold within the ascending channel from 137.07, with 138.20 as key support, then 139 remains under pressure to the upside which is the break up point for 140.67/141.66. Below the 138.20, dips may find support at 136.78 55 DMA and the 137.15 200 DMA as key levels.
EUR/JPY fell in early Asia with a bearish gap to start the week. The Yen has been gathering pace across the board in a risk-off environment, with a poor performance on global equities, (S&P Futures open0.4% lower), on concerns in the implications of a pre-emptive PBoC and a Chinese government who have taken desperate measures to boost the economy of late.
Weekend news for EUR/JPY
The news from the weekend see's that China plans to let its main state pension fund invest in the stock market for the first time to attempt to prevent continue slides. The week ahead is heavy on the data front for Europe, with German final 2015Q2 GDP, the August IFO business survey, and August CPI. We already had the headline GDP figure last week at 0.4% q/q, but this coming week's release will put more colour on the numbers.
EUR/JPY technical support levels
EUR/JPY is failing on the upside with a series of attempts that have been capped around the 100% 100% Fibonacci extension of the July bounce at 138.85. However, if the downside can hold within the ascending channel from 137.07, with 138.20 as key support, then 139 remains under pressure to the upside which is the break up point for 140.67/141.66. Below the 138.20, dips may find support at 136.78 55 DMA and the 137.15 200 DMA as key levels.