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4 Nov 2013
EUR/JPY grinding sideways as it has been since mid-US session Friday; 50/50 play here
FXstreet.com (Barcelona) - After last week’s technical sell-off, the EUR/JPY managed to stabilize Friday and has been in a true holding pattern since.
EUR/JPY traders will have to be patient in waiting for data catalysts
There’s no data due out from Japan, so EUR/JPY traders will be looking to European PMI data as well as the general attitude towards risk assets as the steering currents for the initial session of the week.
Technical outlook for EUR/JPY
Elliott Wave technicians see the EUR/JPY in the midst of a bounce after testing 132.77 support. That level, if broken, would be followed bearishly by Fibonacci projections at 132.05 and 131.60. Resistance for the cross comes in at Fibonacci retracements of the Thursday decline at 133.32 and 133.73.
EUR/JPY traders will have to be patient in waiting for data catalysts
There’s no data due out from Japan, so EUR/JPY traders will be looking to European PMI data as well as the general attitude towards risk assets as the steering currents for the initial session of the week.
Technical outlook for EUR/JPY
Elliott Wave technicians see the EUR/JPY in the midst of a bounce after testing 132.77 support. That level, if broken, would be followed bearishly by Fibonacci projections at 132.05 and 131.60. Resistance for the cross comes in at Fibonacci retracements of the Thursday decline at 133.32 and 133.73.