11 May 2015
EUR/JPY: Taking on the 134 handle resistance again
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.93 with a high of 134.24 and a low of 133.48.
EUR/JPY has been attempting the upside for another go at the 134 handle. Today has been a little erratic and more than a usual Monday on an empty calendar. The Eurogroup has been the main focus while option expiries were large in both the Yen and EUR NY cut's; these may have added to the two way flows of business going through. We are still no further forward in respect of the Greek debt scenario and there are growing concerns that Greece will not be able to meet the deadlines.
Greek debt deadlines
For instance, tomorrow alone, there is the deadline for Greece to repay EUR757m to the IMF. However, June is not far off and this is more of a concern as there is a requirement for the larger EUR1.5b IMF repayment and then the EUR 3b which will be owed to the ECB in July and August.
EUR/JPY technically bid
EUR/JPY remains bid while above the 131.11 uptrend, as explained by Karen Jones, chief analyst at Commerzbank. "We look for gains to the 136.70/137.31 February high and 200 day ma. The 55 week ma lies at 137.55 and we would expect to see the correction higher peter out ahead of here."
EUR/JPY has been attempting the upside for another go at the 134 handle. Today has been a little erratic and more than a usual Monday on an empty calendar. The Eurogroup has been the main focus while option expiries were large in both the Yen and EUR NY cut's; these may have added to the two way flows of business going through. We are still no further forward in respect of the Greek debt scenario and there are growing concerns that Greece will not be able to meet the deadlines.
Greek debt deadlines
For instance, tomorrow alone, there is the deadline for Greece to repay EUR757m to the IMF. However, June is not far off and this is more of a concern as there is a requirement for the larger EUR1.5b IMF repayment and then the EUR 3b which will be owed to the ECB in July and August.
EUR/JPY technically bid
EUR/JPY remains bid while above the 131.11 uptrend, as explained by Karen Jones, chief analyst at Commerzbank. "We look for gains to the 136.70/137.31 February high and 200 day ma. The 55 week ma lies at 137.55 and we would expect to see the correction higher peter out ahead of here."