11 Feb 2015
EUR/JPY: Extending near term correction in thin markets
FXStreet (Guatemala) - EUR/JPY is currently trading on the bid, breaking up through 135.20 onto highs of 135.46.
It may seem bizarre that the Euro is so well supported in light of the troubling backdrop of the eurozone this week, with concerns over a Grexit, as well as Russia and Ukraine coming to light again. Nonetheless, the EUR/JPY marches on while USD/JPY laps up the markets flows to the up side also. Looking across the rest of the Yen crosses, it does seem to be a selloff in the Yen in thin Asian markets.
Meanwhile, technically, EUR/JPY is near term upside corrective at these levels. The Elliott wave count on the daily suggests that this could reach the 136.56/138.57 band before long ahead of the 200 day MA at 139.61.
It may seem bizarre that the Euro is so well supported in light of the troubling backdrop of the eurozone this week, with concerns over a Grexit, as well as Russia and Ukraine coming to light again. Nonetheless, the EUR/JPY marches on while USD/JPY laps up the markets flows to the up side also. Looking across the rest of the Yen crosses, it does seem to be a selloff in the Yen in thin Asian markets.
Meanwhile, technically, EUR/JPY is near term upside corrective at these levels. The Elliott wave count on the daily suggests that this could reach the 136.56/138.57 band before long ahead of the 200 day MA at 139.61.