23 Mar 2015
EUR/JPY: 131.67 cap keeps lid on the cross
FXStreet (Guatemala) - EUR/JPY is currently trading at 130.74 with a high of 131.03 and a low of 129.29.
The euro has been bid over the last hour, supporting the cross although 131 has been too touch a resistance for the bulls to follow though on, with a lack of drivers or momentum in the market with Draghi already spoken. His comments were not moving the market in any great shakes, although a better bid tone could be drawn from his bullish economic outlook.
Meanwhile, technically, Karen Jones, chief analyst at Commerzbank explained that as long a last week’s high at 131.67 cap, further downside pressure should be seen. "We thus expect to see losses towards the recent low at 126.91. This level is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.50/121.95 200 week moving average and 50% retracement."
The euro has been bid over the last hour, supporting the cross although 131 has been too touch a resistance for the bulls to follow though on, with a lack of drivers or momentum in the market with Draghi already spoken. His comments were not moving the market in any great shakes, although a better bid tone could be drawn from his bullish economic outlook.
Meanwhile, technically, Karen Jones, chief analyst at Commerzbank explained that as long a last week’s high at 131.67 cap, further downside pressure should be seen. "We thus expect to see losses towards the recent low at 126.91. This level is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.50/121.95 200 week moving average and 50% retracement."