17 Jul 2015
EUR/JPY bears in control below 137.12
FXStreet (Guatemala) - EUR/JPY is currently trading at 134.54 with a high of 135.27 and a low of 134.48
EUR/JPY has been a a grind to the downside this week while the Yen was taken down by the dollar which is slowing the bears progress to the downside in the cross.
The recent weeks have been dominated with news relating to Greece and the Yen is now losing the safe haven advantage built up over the saga. With markets searching for yield and risk on, the euro is comes in with its funding currency status and that relieves pressure on the Yen and dollar also, weighing on the cross. However, Greece are not out of the woods yet and an awful lot can change in politics at short notice. The Greek situation is still fragile and IMF's Lagarde also said that these new talks with Greece could take at least 4 weeks, and she casted a mantle of doubt about Greek banks re-opening on Monday.
EUR/JPY technicals neutral/bearish
Karen Jones, chief analysts at Commerzbank explained that EUR/JPY is grinding slowly lower, but continues to have little impact on the chart. The price action is a fade of rallies with 135.20 coming in as resistance and 134.90 recently broken to the downside setting off the bears to the mid pint of the handle where price is stabilising again. The key target on a correction will be the 137.12 200 day ma.
EUR/JPY has been a a grind to the downside this week while the Yen was taken down by the dollar which is slowing the bears progress to the downside in the cross.
The recent weeks have been dominated with news relating to Greece and the Yen is now losing the safe haven advantage built up over the saga. With markets searching for yield and risk on, the euro is comes in with its funding currency status and that relieves pressure on the Yen and dollar also, weighing on the cross. However, Greece are not out of the woods yet and an awful lot can change in politics at short notice. The Greek situation is still fragile and IMF's Lagarde also said that these new talks with Greece could take at least 4 weeks, and she casted a mantle of doubt about Greek banks re-opening on Monday.
EUR/JPY technicals neutral/bearish
Karen Jones, chief analysts at Commerzbank explained that EUR/JPY is grinding slowly lower, but continues to have little impact on the chart. The price action is a fade of rallies with 135.20 coming in as resistance and 134.90 recently broken to the downside setting off the bears to the mid pint of the handle where price is stabilising again. The key target on a correction will be the 137.12 200 day ma.