24 Mar 2015
EUR/JPY: Consolidation of minor rally
FXStreet (Guatemala) - EUR/JPY is currently trading at 130.79 with a high of 131.51 and a low of 130.34.
EUR/JPY is getting support from the 23rd March rally at 129.22 for lows of 130.36 which dip was bought and price pulled back up trough the mid point of the 130 handle with sights for 131 the figure. The Yen has been hit hard while the euro retains a short term better bid tone vs the broader downward and longer term trend while CPI's in the US were stronger than expectations for the year and month on month.
Karen Jones, chief analyst at Commerzbank explained, that technically, as long as last week’s high at 131.67 cap, renewed downside pressure should soon be seen. "We thus expect to see losses towards the recent low at 126.91. This level is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.50/121.95 200 week moving average and 50% retracement."
EUR/JPY is getting support from the 23rd March rally at 129.22 for lows of 130.36 which dip was bought and price pulled back up trough the mid point of the 130 handle with sights for 131 the figure. The Yen has been hit hard while the euro retains a short term better bid tone vs the broader downward and longer term trend while CPI's in the US were stronger than expectations for the year and month on month.
Karen Jones, chief analyst at Commerzbank explained, that technically, as long as last week’s high at 131.67 cap, renewed downside pressure should soon be seen. "We thus expect to see losses towards the recent low at 126.91. This level is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.50/121.95 200 week moving average and 50% retracement."