12 Feb 2015
EUR/JPY: Touching the 20 DMA key support
FXStreet (Guatemala) - EUR/JPY is currently trading at 135.45 with a high of 136.72 and a low of 134.72.
EUR/JPY is correcting the demand for the cross form the start of the week, with the USD/JPY way back down from the recent highs at the mid point of the 120 handle. We are almost 200 pips lower at 118.58 the low and exactly 200 pips between the highs and lows of EUR/JPY. The move in the Yen came as the Bank of Japan dismissed the chances of further stimulus, saying it could be counterproductive at this time.
Technically, the 20 day ma at 134.65 could be an area of continued support; note we touched base here on the spike lower and rebounded sharply. On a longer term basis, until we have breached this support with conviction and tested the 134.20 level, the overall picture keeps us in sight of the 200 DMA at 139.56.
EUR/JPY is correcting the demand for the cross form the start of the week, with the USD/JPY way back down from the recent highs at the mid point of the 120 handle. We are almost 200 pips lower at 118.58 the low and exactly 200 pips between the highs and lows of EUR/JPY. The move in the Yen came as the Bank of Japan dismissed the chances of further stimulus, saying it could be counterproductive at this time.
Technically, the 20 day ma at 134.65 could be an area of continued support; note we touched base here on the spike lower and rebounded sharply. On a longer term basis, until we have breached this support with conviction and tested the 134.20 level, the overall picture keeps us in sight of the 200 DMA at 139.56.