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13 Aug 2013
EUR/JPY pushed up to fresh new 129.60 highs
FXstreet.com (Chicago) - EUR/JPY has advanced 0.55% so far as pair edges higher altitudes.
After Prime Minister Abe reported the government is considering tax cuts for corporations aiming to offset potential impacts due to increases in sales taxes, the yen weakened. The Nikkei 225 brings 1.35% gains so far.
Price action indicates the pair recovered last week’s losses to break above 129.00 resistance zone. Trading at 129.57, the pair oscillates between supports at 129.33 (July 30th lows), 129.09 (July 15th lows) ahead of 128.83 (July 5th lows) and resistances at 129.72 (July 29th lows), 129.89 (June 19th highs) followed by 130.09 (May 24th lows). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis.
After Prime Minister Abe reported the government is considering tax cuts for corporations aiming to offset potential impacts due to increases in sales taxes, the yen weakened. The Nikkei 225 brings 1.35% gains so far.
Price action indicates the pair recovered last week’s losses to break above 129.00 resistance zone. Trading at 129.57, the pair oscillates between supports at 129.33 (July 30th lows), 129.09 (July 15th lows) ahead of 128.83 (July 5th lows) and resistances at 129.72 (July 29th lows), 129.89 (June 19th highs) followed by 130.09 (May 24th lows). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis.