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19 Dec 2013
EUR/JPY pulling back early Thursday after big up day Wednesday; next upside target 145.76
FXstreet.com (Barcelona) - EUR/JPY resumed the upside Wednesday as the cross reflected the very strong “risk-on” attitude. Thursday, though, EUR/JPY is pulling back – but not technical signs of a major sell-off exist right now.
EUR/JPY traders have to rely on technicals for the most part Thursday
Global traders will likely continue to use EUR/JPY as a risk proxy, but Thursday’s remaining economic data points due out that may have an impact on the EUR/JPY include:
• European Council Meeting
• EuroZone Current Account
Technical outlook for EUR/JPY
Technicians say the EUR/JPY may have just commenced the first wave correction higher Wednesday, but today’s pullback is being seen as a chance for those who missed Wednesday’s rally to get in on the potential upward action. Resistance for the macro move comes in at 145.76. Support starts at Wednesday’s low of 140.98 and is backed up by the 12/2 closing high of 139.38.
EUR/JPY traders have to rely on technicals for the most part Thursday
Global traders will likely continue to use EUR/JPY as a risk proxy, but Thursday’s remaining economic data points due out that may have an impact on the EUR/JPY include:
• European Council Meeting
• EuroZone Current Account
Technical outlook for EUR/JPY
Technicians say the EUR/JPY may have just commenced the first wave correction higher Wednesday, but today’s pullback is being seen as a chance for those who missed Wednesday’s rally to get in on the potential upward action. Resistance for the macro move comes in at 145.76. Support starts at Wednesday’s low of 140.98 and is backed up by the 12/2 closing high of 139.38.