7 Jan 2015
EUR/JPY risks to the downside
FXStreet (Guatemala) - EUR/JPY is currently trading at 141.29 having made a high of 141.70 and a low of 140.57.
EUR/JPY is consolidating the bear leg and the Yen’s previous strength on the back of recent risk aversion, that took the cross down to test the bulls commitments below the 141 handle. EUR/JPY had sold off to the support at 140.55/32 and the 55 week ma where it also met the 200 day ma.
Karen Jones, chief analyst at Commerzbank explained that they suspected this to hold that initial test and were allowing for a minor rebound. However, she went on to say, “ We view that the market has recently topped just ahead of 150.00, and short to medium, the risk is now to the downside”.
EUR/JPY is consolidating the bear leg and the Yen’s previous strength on the back of recent risk aversion, that took the cross down to test the bulls commitments below the 141 handle. EUR/JPY had sold off to the support at 140.55/32 and the 55 week ma where it also met the 200 day ma.
Karen Jones, chief analyst at Commerzbank explained that they suspected this to hold that initial test and were allowing for a minor rebound. However, she went on to say, “ We view that the market has recently topped just ahead of 150.00, and short to medium, the risk is now to the downside”.