19 Feb 2015
EUR/JPY: Correction remains in place; stalling at 136.20
FXStreet (Guatemala) - EUR/JPY is currently trading at 135.40 with a high of 135.47 and a low of 135.17.
EUR/JPY is relatively steady trading with a bullish bias in the opening hour of the Tokyo open with the majority of the market expecting a deal to be done on the 11th hour over Greece while 135.20 offers support once again.
The Yen has been weak for some time and this is turning out favourably for the Japanese domestic economy with exports on the rise and taking the trade balance towards a surplus for this year while cheap oil also underpins improvements in the economy.
Technically, the pair is on a correction from the 130.20 level although the upside was halted at 136.70. However, the daily chart leaves territory potential towards the 138.50/140.60 region according to Karen Jones, chief analyst at Commerzbank. "Either way we look for the corrective move higher to falter around the 200 day moving average at 139.46 and remain longer term negatively biased."
EUR/JPY is relatively steady trading with a bullish bias in the opening hour of the Tokyo open with the majority of the market expecting a deal to be done on the 11th hour over Greece while 135.20 offers support once again.
The Yen has been weak for some time and this is turning out favourably for the Japanese domestic economy with exports on the rise and taking the trade balance towards a surplus for this year while cheap oil also underpins improvements in the economy.
Technically, the pair is on a correction from the 130.20 level although the upside was halted at 136.70. However, the daily chart leaves territory potential towards the 138.50/140.60 region according to Karen Jones, chief analyst at Commerzbank. "Either way we look for the corrective move higher to falter around the 200 day moving average at 139.46 and remain longer term negatively biased."