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23 May 2013
EUR/JPY broken support level
FXstreet.com (London) - The JPY has strengthened across the board along with the dollar in a typical risk aversion play while stock markets have plummeted across the globe following a series of economic data yesterday.
The pair has pulled back below key 131.10 daily support levels after making a new recovery high that was recorded yesterday, 134.38. The pair has been dropping like a stone since to as far as 130.20 in London from overnight highs 132.80.
On the daily charts, offer indicators that are pointing to the upside after such a move. German PMI has given the single currency a little bit of stability this morning also, which beat expectations 49.0 – 48.5. Overall conditions in services and manufacturing in the Euro Zone beat expectations 47.7. – 47.2, albeit results came in below the 50 and can be seen as bearish. Support is 130.50 and 129.50 in the cross.
The pair has pulled back below key 131.10 daily support levels after making a new recovery high that was recorded yesterday, 134.38. The pair has been dropping like a stone since to as far as 130.20 in London from overnight highs 132.80.
On the daily charts, offer indicators that are pointing to the upside after such a move. German PMI has given the single currency a little bit of stability this morning also, which beat expectations 49.0 – 48.5. Overall conditions in services and manufacturing in the Euro Zone beat expectations 47.7. – 47.2, albeit results came in below the 50 and can be seen as bearish. Support is 130.50 and 129.50 in the cross.