{"id":61519,"date":"2014-10-07T08:32:55","date_gmt":"2014-10-07T12:32:55","guid":{"rendered":"http:\/\/countingpips.com\/?p=61519"},"modified":"2014-10-07T08:52:17","modified_gmt":"2014-10-07T12:52:17","slug":"eurjpy-sell-off-accelerates-after-weak-euro-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/eurjpy-sell-off-accelerates-after-weak-euro-data\/","title":{"rendered":"EUR\/JPY Sell-off Accelerates After Weak Euro Data"},"content":{"rendered":"<div id=\"inves-2181588734\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 7, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #ff0000;\"><strong>Bearish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>German Industrial Production down -4.0% in August, well below the consensus;<\/li>\n<li>The Euro currency traded lower against a basket of currencies following this news;<\/li>\n<li>EUR\/JPY is heading for 136.40, followed by 135.70.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Weaker than expected data, concerning German Industrial Production, forced traders to sell the euro currency against pound, yen, Australian dollar and kiwi in early trading.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p style=\"text-align: justify;\">Starting with the second half of September, markets have not been kind with EUR\/JPY as the pair collapsed more than 400 pips from its top at 141.20. On its way down the currency pair broke through several major support levels, including the 200-Day Simple Moving Average and a huge cluster at 138.00 formed around a pivot zone, 61.8% Fibonacci retracement and the 50-Day and 100-Day SMAs. As a direct consequence, EUR\/JPY remains extremely bearish despite Stochastic entering oversold territory on the Daily timeframe.<\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/EURJPY7thOct.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6927\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/EURJPY7thOct.png\" alt=\"EURJPY7thOct\" width=\"700\" height=\"339\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Since crossing below the 50-Day Simple Moving Average on 1<sup>st<\/sup> October, bears took a breather as price began showing respect 137 as support and 50-SMA as resistance. Today\u2019s sell-off indicates a strong tendency to leave this area behind. Price action has formed a Bearish Engulfing Bar on the Daily timeframe and EUR\/JPY is trading below 137, currency at 136.75 ahead of the U.S. session.<\/p><div id=\"inves-1909154595\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">An intermediary support level can be identified at 136.20; however the main attraction point for sellers should be somewhat lower at 135.70\/80. A bounce is very likely in this area since sellers should allow for a future re-test of 138.00 before the bottom falls off again.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways German Industrial Production down -4.0% in August, well below the consensus; The Euro currency traded lower against a basket of currencies following this news; EUR\/JPY is heading for 136.40, followed by 135.70. Weaker than expected data, concerning German Industrial Production, forced traders to sell the euro currency against pound, yen, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-61519","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=61519"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61519\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=61519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=61519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=61519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}