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25 Feb 2015
EUR/JPY: Upside running out of legs
FXStreet (Guatemala) - EUR/JPY is currently trading at 135.06 with a high of 135.23 and a low of 134.56.
EUR/JPY risk lies to the downside in the main with pressures mounted from above the 144 handle below the catalyst point sub 150.00 at the end of 2014. We are consolidating the bear trend and the demand at 130.10 brings us to 136.00 resistance that is capping attempts at the upside. so, we remain negative and the short term correction higher looks like it's run its course.
Karen Jones, chief analyst at Commerzbank explained that for the past 3 weeks the cross has been correcting higher and appears to have halted well ahead of the 38.2% retracement at 137.65 and well ahead of the 200 day moving average at 139.36.
EUR/JPY risk lies to the downside in the main with pressures mounted from above the 144 handle below the catalyst point sub 150.00 at the end of 2014. We are consolidating the bear trend and the demand at 130.10 brings us to 136.00 resistance that is capping attempts at the upside. so, we remain negative and the short term correction higher looks like it's run its course.
Karen Jones, chief analyst at Commerzbank explained that for the past 3 weeks the cross has been correcting higher and appears to have halted well ahead of the 38.2% retracement at 137.65 and well ahead of the 200 day moving average at 139.36.