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12 Mar 2015
EUR/JPY: Bulls taking charge, heading for Jan lows
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.94 with a high of 129.00 and a low of 127.67.
EUR/JPY is struggling at this barrier from a steady clime otherwise in recent trading from 128.60 in an extension from 127.80 today. A move through this level will be critical and signify that the bulls are committed for a correction in the cross with 130 as the psychological target.
On a reversal and back south, a test of the support band offered by the 200 month ma and Fibonacci retracement at 128.11/52 (38.2% retracement of the move up from 2012) would be first stop, as noted by Karen Jones, chief analyst at Commerzbank. She explained on the way up, "Initial resistance lies at 130.16, the January low, 132.00, the 2nd February low ahead of 132.60, a 3 month downtrend."
EUR/JPY is struggling at this barrier from a steady clime otherwise in recent trading from 128.60 in an extension from 127.80 today. A move through this level will be critical and signify that the bulls are committed for a correction in the cross with 130 as the psychological target.
On a reversal and back south, a test of the support band offered by the 200 month ma and Fibonacci retracement at 128.11/52 (38.2% retracement of the move up from 2012) would be first stop, as noted by Karen Jones, chief analyst at Commerzbank. She explained on the way up, "Initial resistance lies at 130.16, the January low, 132.00, the 2nd February low ahead of 132.60, a 3 month downtrend."