8 Aug 2013
EUR/JPY bounces off lows back to 128.70 region
FXstreet.com (New York) - The EUR/JPY technical cross rebounded out of the depths at 128.21, now regaining 128.70 level during US trading.
EUR/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/JPY has dived lower to the base of its cloud at 128.68. This is now being eroded and we look for follow through losses to 127.92, 126.61/57 (78.6% retracement and the 26th June low). This is regarded as the last defence for the 124.95/45 June low and 23.6% retracement of the entire move up from the 2012 low. This is our downside target.”
EUR/JPY technical bias
After earlier setbacks, the EUR/JPY is now operating at 128.69 at the time of writing, moving back into positive territory at a margin of +0.18% above its opeing. In taking a look at the technicals, the pair faces resistances that will attempt to stymie an advance at 129.35, onto 129.46, and 129.81.
EUR/JPY strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/JPY has dived lower to the base of its cloud at 128.68. This is now being eroded and we look for follow through losses to 127.92, 126.61/57 (78.6% retracement and the 26th June low). This is regarded as the last defence for the 124.95/45 June low and 23.6% retracement of the entire move up from the 2012 low. This is our downside target.”
EUR/JPY technical bias
After earlier setbacks, the EUR/JPY is now operating at 128.69 at the time of writing, moving back into positive territory at a margin of +0.18% above its opeing. In taking a look at the technicals, the pair faces resistances that will attempt to stymie an advance at 129.35, onto 129.46, and 129.81.