21 Jul 2014
EUR/JPY holding up with the 137 handle
FXStreet (Guatemala) - EUR/JPY is trading at 137.02, down -0.02% on the day, having posted a daily high at 137.19 and low at 136.89.
The euro is testing the six-month lows against the yen and Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman suggests “This does not mean people are buying yen, which is what the safe haven concept implies. Instead, we think the yen's strength may be more a function of short-covering. This hypothesis is supported by the speculative positioning in the futures market."
EUR/JPY Levels
Current price is 137.04, with resistance ahead at 137.15 (Daily Open), 137.19 (Daily High), 137.32 (Yesterday's High) and 137.39 (Hourly 100 SMA). Support below can be found at 137.04 (Daily Classic PP), 137.03 (Hourly 20 EMA), 136.89 (Daily Low), 136.85 (Monthly Low) and 136.85 (Weekly Low).
The euro is testing the six-month lows against the yen and Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman suggests “This does not mean people are buying yen, which is what the safe haven concept implies. Instead, we think the yen's strength may be more a function of short-covering. This hypothesis is supported by the speculative positioning in the futures market."
EUR/JPY Levels
Current price is 137.04, with resistance ahead at 137.15 (Daily Open), 137.19 (Daily High), 137.32 (Yesterday's High) and 137.39 (Hourly 100 SMA). Support below can be found at 137.04 (Daily Classic PP), 137.03 (Hourly 20 EMA), 136.89 (Daily Low), 136.85 (Monthly Low) and 136.85 (Weekly Low).