30 Jul 2015
EUR/JPY tumbles below 136.00
FXStreet (Córdoba) - EUR/JPY broke below 136.00 and fell to the lowest level since last Friday. It bottomed at 135.51 and remains near the lows under pressure. The euro weakened across the board during the last hours.
EUR/JPY levels
The pair is falling for the second day in a row as it continues to correct lower and now is testing the support area located around 135.50; below here the next one could be located at 135.25 (July 14 low, July 17 high) and 134.75. On the opposite direction, immediate resistance might now lie at 135.90, 136.26 and 136.45/50 (daily high).
Political turmoil coming to Greece?
EUR/JPY turned to the downside even as USD/JPY remained steady above 124.30, consolidating gains. The Greek crisis is back on top with rumors and declarations from IMF officials about the participation (or not) of the institution in the next credit program.
Also, the political environment is becoming uncertain after Tsipras called for an internal referendum in Syriza. “If Syriza holds a referendum Sunday and Tsipras loses it, or even if he barely wins, the risk of a new election will likely weigh on the euro when the markets re-open after the weekend. It would further increase the likelihood that another bridge loan will be needed so Greece can pay the ECB (and to a much lesser extent other creditors, including the IMF) in August”, wrote analysts from Brown Brothers Harriman.
EUR/JPY levels
The pair is falling for the second day in a row as it continues to correct lower and now is testing the support area located around 135.50; below here the next one could be located at 135.25 (July 14 low, July 17 high) and 134.75. On the opposite direction, immediate resistance might now lie at 135.90, 136.26 and 136.45/50 (daily high).
Political turmoil coming to Greece?
EUR/JPY turned to the downside even as USD/JPY remained steady above 124.30, consolidating gains. The Greek crisis is back on top with rumors and declarations from IMF officials about the participation (or not) of the institution in the next credit program.
Also, the political environment is becoming uncertain after Tsipras called for an internal referendum in Syriza. “If Syriza holds a referendum Sunday and Tsipras loses it, or even if he barely wins, the risk of a new election will likely weigh on the euro when the markets re-open after the weekend. It would further increase the likelihood that another bridge loan will be needed so Greece can pay the ECB (and to a much lesser extent other creditors, including the IMF) in August”, wrote analysts from Brown Brothers Harriman.