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2 Mar 2015
EUR/JPY: Bulls protecting a key breaking point
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.84 with a high of 133.96 and a low of 133.67.
EUR/JPY has been yet again licking its wounds along the downside of the 1.33 handle over the past few sessions post last weeks supply from the 135.20 region. However, we are bak above the 20th February low at 133.56 that had otherwise been signalling further downside when this was broken towards the end of last week.
Should this minor recovery stall, that has been supported recently on bullish USD/JPY flows, a trip back down to lower end and below this aforementioned levels could give way to a longer term negative outlook for a break below 130.00 to the 200 month ma and Fibonacci retracement at 128.27/52 (38.2% retracement of the move up from 2012), an area eyed and recently highlighted as significant by Karen Jones, chief analyst at Commerzbank.
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EUR/JPY has been yet again licking its wounds along the downside of the 1.33 handle over the past few sessions post last weeks supply from the 135.20 region. However, we are bak above the 20th February low at 133.56 that had otherwise been signalling further downside when this was broken towards the end of last week.
Should this minor recovery stall, that has been supported recently on bullish USD/JPY flows, a trip back down to lower end and below this aforementioned levels could give way to a longer term negative outlook for a break below 130.00 to the 200 month ma and Fibonacci retracement at 128.27/52 (38.2% retracement of the move up from 2012), an area eyed and recently highlighted as significant by Karen Jones, chief analyst at Commerzbank.
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