From Fxcm
[01:49 EUR/JPY: Rebounds Strongly As Shanghai Losses Pared] Tokyo, May 30. From
a low of 163.05, EUR/JPY has rebounded strongly. The catalyst looks to be moves
back up on the Shanghai Stock Exchange Composite index. The index opened down
some 5% at 4087.405. It has steadily moved back up, paring losses. The SSEC is
currently indicated at 4248, down only 86 points on the day or just under 2%.
EUR/JPY sold off hard overnight from a fresh record high of 164.29 on the stamp
tax hike on Chinese stock market transactions. The market looks to have gone a
bit short prior to the Shanghai open. EUR/JPY is currently indicated at
163.47/52. Initial resistance is eyed at 163.65-70, early Asian highs. More
resistance is eyed at 164.00 though trader stops are noted on a break above. on
the downside, support around 163.00 has been confirmed. Multiple lows have been
seen here, the most recent this morning. Technically, moves below the Ichimoku
tenkan line again look to be profitable. Though cut, EUR/JPY has traded back
above this level at 163.25 today. The kijun line is below at 162.27.
[email protected]
[IFR Forex Watch]
[SQUAWK BOX]
[01:49 EUR/JPY: Rebounds Strongly As Shanghai Losses Pared] Tokyo, May 30. From
a low of 163.05, EUR/JPY has rebounded strongly. The catalyst looks to be moves
back up on the Shanghai Stock Exchange Composite index. The index opened down
some 5% at 4087.405. It has steadily moved back up, paring losses. The SSEC is
currently indicated at 4248, down only 86 points on the day or just under 2%.
EUR/JPY sold off hard overnight from a fresh record high of 164.29 on the stamp
tax hike on Chinese stock market transactions. The market looks to have gone a
bit short prior to the Shanghai open. EUR/JPY is currently indicated at
163.47/52. Initial resistance is eyed at 163.65-70, early Asian highs. More
resistance is eyed at 164.00 though trader stops are noted on a break above. on
the downside, support around 163.00 has been confirmed. Multiple lows have been
seen here, the most recent this morning. Technically, moves below the Ichimoku
tenkan line again look to be profitable. Though cut, EUR/JPY has traded back
above this level at 163.25 today. The kijun line is below at 162.27.
[email protected]
[IFR Forex Watch]
[SQUAWK BOX]