7 May 2015
EUR/JPY holding above 38.2% Fibo
FXStreet (Guatemala) - EUR/JPY is currently trading at 135.40 with a high of 135.65 and a low of 135.38.
EUR/JPY is trading in a sideways channel with support keeping the pair around the mid point for the handle since the rally in early US from 134.40 zone. The euro was bid overall on the back of positive news surrounding the Greek debt scenario where sentiment is that Greece and the rest of the Eurogroup could reach an agreement by Monday. Japan remains quiet this week until Thursday.
EUR/JPY has been consolidated above the 38.2% Fibonacci retracement at 135.14 which currently may act as support on any downside retracement. "The Elliott wave count ion the daily chart is implying a retracement towards 132.20/131.25 ahead of another leg higher," explained Karen Jones, chief analyst at Commerzbank. " Above 135.29 (last weeks high) lies the 136.70/137.36 February high and 200 day ma. The 55 week ma lies at 137.69 and we would expect to see the correction higher peter out ahead of here."
EUR/JPY is trading in a sideways channel with support keeping the pair around the mid point for the handle since the rally in early US from 134.40 zone. The euro was bid overall on the back of positive news surrounding the Greek debt scenario where sentiment is that Greece and the rest of the Eurogroup could reach an agreement by Monday. Japan remains quiet this week until Thursday.
EUR/JPY has been consolidated above the 38.2% Fibonacci retracement at 135.14 which currently may act as support on any downside retracement. "The Elliott wave count ion the daily chart is implying a retracement towards 132.20/131.25 ahead of another leg higher," explained Karen Jones, chief analyst at Commerzbank. " Above 135.29 (last weeks high) lies the 136.70/137.36 February high and 200 day ma. The 55 week ma lies at 137.69 and we would expect to see the correction higher peter out ahead of here."