EUR JPY Technical Analysis 26.01 - 02.02
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newdigital, 2014.01.26 14:21
EUR/JPY Weekly Fundamental Analysis January 27 – 31, 2014 Forecast (based on fxempire.com article)
The EUR/JPY ended up lower for the week as the yen once again became a
safe haven after traders abandoned equities are lackluster earnings
data. The pair closed at 139.88 easing from the weekly high of 142.41
after the Bank of Japan held rates and stimulus at their monthly
meeting. “There’s definitely some nervousness. The world is suffering
from the emerging markets’ flu,” said Michael James, managing director
of equity trading at Wedbush Securities in Los Angeles. Worries over
China’s growth surfaced after a disappointing manufacturing number
spurred the S&P 500′s 0.9 percent drop on Thursday.
China’s efforts to contain a “financial excesses” won’t be positive for
growth, Gibbs said. The next major psychological level for Aussie is the
2010 low near 80 cents, he said.
The China Banking Regulatory Commission’s order did not mention concerns
that a 3 billion yuan (US$496 million) trust product distributed by
Industrial & Commercial Bank of China may default after a coal miner
that borrowed the funds collapsed, said the people, who asked not to be
identified. Regional CBRC offices were told to also closely monitor
risks from trust and wealth management products, they said.
The German IFO business climate for industry and trade will likely
increase further in January as suggested by both the PMI composite and
the ZEW economic sentiment. We expect the IFO business climate index to
increase for the third consecutive month, to 110.2 after 109.5 in
December. Our expectation is based on a continuous improvement in
business expectations in the manufacturing industry since April 2013.
Traders expect both the current conditions index and the expectations
index to have increased (from 111.6 to 111.9 and from 107.4 to 108.1
respectively). Similarly, the European Commission’s Economic Sentiment
Indices should post a further broad-based improvement in January as the
recovery gathers momentum in several countries, including Germany or
Spain.
Just about EURJPY using Ichimoku
It was breakdown on H4 timeframe (Chinkou Span line crossed historical price from above to below) and the price was stopped near 139.75 support.
D1 timeframe - price crossed 140.31 support from above to below on open bar and trying to break Sinkou Span line to be turned from bullish to bearish market condition. If price will crossed 140.31 support and Sinkou Span A line so we may see ranging market condition within primary bearish.
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Support : 139,063
Resistance: 140,625
Trend Inversion:142,7029 (AMA Indicator)