18 May 2015
EUR/JPY caught between key levels
FXStreet (Guatemala) - EUR/JPY is currently trading at 135.76 with a high of 136.96 and a low of 135.71.
EUR/JPY has dropped to test the supportive and ascending channel's bottom and well away from the 136.70/137.29 February high and 200 day ma. The price action at the start of this week is bearish from just below the vicinity of the 137 handle and we have taken out the the 136 handle in full. The downside comes in tandem of the major dropping from the 1.1460 territory to slide in at 1.1330's while markets turn to Greece again as a spanner in the works as the ECB try to get the single currency economy back on track.
Technically, Karen Jones, chief analyst at Commerzbank explained they find the 50% retracement at 137.93. The Elliot wave count on the weekly chart is found at 139.05 and she explained that for the upside, they are alert to initial failure in this zone. For the downside to take grip, the analysts at Commerzbank continued and said, "But only below the 132.45 short term uptrend will negate the correction higher and cast attention back to the 126.08 low."
EUR/JPY has dropped to test the supportive and ascending channel's bottom and well away from the 136.70/137.29 February high and 200 day ma. The price action at the start of this week is bearish from just below the vicinity of the 137 handle and we have taken out the the 136 handle in full. The downside comes in tandem of the major dropping from the 1.1460 territory to slide in at 1.1330's while markets turn to Greece again as a spanner in the works as the ECB try to get the single currency economy back on track.
Technically, Karen Jones, chief analyst at Commerzbank explained they find the 50% retracement at 137.93. The Elliot wave count on the weekly chart is found at 139.05 and she explained that for the upside, they are alert to initial failure in this zone. For the downside to take grip, the analysts at Commerzbank continued and said, "But only below the 132.45 short term uptrend will negate the correction higher and cast attention back to the 126.08 low."