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Notícias de trading
9 May 2013
Forex: EUR/JPY ready for the next leg up?
FXstreet.com (Barcelona) - The EUR/JPY closed the day sharply higher, up 78 pips at 130.20. During the European session, the pair seemed to get a boost from German Industrial Production (MoM) which came in at 1.2% vs.-0.1% estimate. Data will be light in the next session as European markets will be closed for holiday.
According to Val Bednarik of FXStreet.com, “The EUR/JPY managed to recover the 130.00 level, mostly due to Euro strength, as despite stocks soaring yen bears remain on hold. With a triple roof in the 130.40 area, the level should attract sellers if reached, although stops are likely right above, and if those get triggered, a strong upward continuation is likely for this Thursday.”
From a pattern perspective, the EUR/JPY finally closed above the upper boundary of the large ‘pennant’ continuation pattern which has been forming since early April. The pattern was completed with a close above 129.75, and has a measured move target near the 135.85 area. Furthermore, the pair will now need to hold this previous resistance trend line as support, or the pattern will be negated.
According to Val Bednarik of FXStreet.com, “The EUR/JPY managed to recover the 130.00 level, mostly due to Euro strength, as despite stocks soaring yen bears remain on hold. With a triple roof in the 130.40 area, the level should attract sellers if reached, although stops are likely right above, and if those get triggered, a strong upward continuation is likely for this Thursday.”
From a pattern perspective, the EUR/JPY finally closed above the upper boundary of the large ‘pennant’ continuation pattern which has been forming since early April. The pattern was completed with a close above 129.75, and has a measured move target near the 135.85 area. Furthermore, the pair will now need to hold this previous resistance trend line as support, or the pattern will be negated.