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28 Aug 2013
EUR/JPY forms double-top pattern at 130.36
FXstreet.com (Chicago) - EUR/JPY remains trading below 130.40 zone after several attempts to break through. Accumulating 0.35% daily gains, the euro strengthened after safe-haven market reaction triggered by the Syrian conflict the last couple of days.
Bulls outweighing bears
Market participants seem to be processing differently what is happening with Syria right now as indicated by a stronger USD and a weaker yen, safe-haven currency. The euro reached 130.58 intraday highs at the opening of the European trading session but retraced throughout the journey. In Europe, the M3 Money Supply growth rate was 2.2% (YoY) vs. previous 2.4% and estimates at 2.0%. Private loans decreased -1.9%, failing to meet projections at -1.5% and past results at -1.6%. Ahead of foreign investment in Japanese stocks data release, the pair breaks through immediate resistance at 130.29.
EUR/JPY Technical Levels, double tops formation
Reaching double tops at 130.40 as the American trading journey advances, the pair trades at 130.36, above immediate resistance at 130.29 (August 19th lows). Following resistances are set at 130.56 (June 26th highs) and 130.80 (August 19th highs). On the Downside, supports are aligned at 129.83 (August 8th highs), 129.53 (August 15th lows) and 129.28 (August 20th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Bulls outweighing bears
Market participants seem to be processing differently what is happening with Syria right now as indicated by a stronger USD and a weaker yen, safe-haven currency. The euro reached 130.58 intraday highs at the opening of the European trading session but retraced throughout the journey. In Europe, the M3 Money Supply growth rate was 2.2% (YoY) vs. previous 2.4% and estimates at 2.0%. Private loans decreased -1.9%, failing to meet projections at -1.5% and past results at -1.6%. Ahead of foreign investment in Japanese stocks data release, the pair breaks through immediate resistance at 130.29.
EUR/JPY Technical Levels, double tops formation
Reaching double tops at 130.40 as the American trading journey advances, the pair trades at 130.36, above immediate resistance at 130.29 (August 19th lows). Following resistances are set at 130.56 (June 26th highs) and 130.80 (August 19th highs). On the Downside, supports are aligned at 129.83 (August 8th highs), 129.53 (August 15th lows) and 129.28 (August 20th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.