24 Jul 2015
EUR/JPY bulls gathering themselves on key support
FXStreet (Guatemala) - EUR/JPY is currently trading at 135.82 with a high of 136.29 and a low of 135.53.
EUR/JPY has started to consolidate the supply of the 136 bears, meeting the mid-point of the handle and just shy of yesterdays lows.The cross has been recovering from the start of the week's drift to the downside while the single currency has managed to recover from three-month lows.
From the calendar, analysts at TD securities explained that the theme of weaker-than-expected PMI data extended to Europe as the German and French data softened unexpectedly for the manufacturing and services sectors in both countries. "The German manufacturing series slipped to 51.5, defying our expectation for a moderate gain while the French equivalent edged back into contraction territory at 49.6. We note, however, that the ongoing discussions over Greece may have coloured some of the early responses to these surveys. We would not be very surprised to see upward revisions to the final readings once these are published on 3 Aug."
EUR/JPY technically neutral
EUR/JPY's slide has ben supported before key support at the mid point of the handle that guards the 3 month uptrend at 134.46. Karen Jones, chief analyst explained that given the robust rebound recently from the 133.10/57 support (Fibo and May low), she suspects that the 137.10 200 day ma will come under further attack.
EUR/JPY has started to consolidate the supply of the 136 bears, meeting the mid-point of the handle and just shy of yesterdays lows.The cross has been recovering from the start of the week's drift to the downside while the single currency has managed to recover from three-month lows.
From the calendar, analysts at TD securities explained that the theme of weaker-than-expected PMI data extended to Europe as the German and French data softened unexpectedly for the manufacturing and services sectors in both countries. "The German manufacturing series slipped to 51.5, defying our expectation for a moderate gain while the French equivalent edged back into contraction territory at 49.6. We note, however, that the ongoing discussions over Greece may have coloured some of the early responses to these surveys. We would not be very surprised to see upward revisions to the final readings once these are published on 3 Aug."
EUR/JPY technically neutral
EUR/JPY's slide has ben supported before key support at the mid point of the handle that guards the 3 month uptrend at 134.46. Karen Jones, chief analyst explained that given the robust rebound recently from the 133.10/57 support (Fibo and May low), she suspects that the 137.10 200 day ma will come under further attack.