9 Mar 2015
EUR/JPY: Targets set at 200m MA below 130.00
FXStreet (Guatemala) - EUR/JPY is currently trading at 131.47 with a high of 131.73 and a low of 130.70.
EUR/JPY is in a minor recovery but is stuck on the mid point of the 131 handle. 131.20 is coming in as support for now with 131.80 as first resistance. The euro crosses are currently rangy on the sort term charts after the dollar's rampage on the market post the NFP's and especially now that the ECB has started its QE programme, it could be that the market plays out with very little new news over the EU besides ongoing political uncertainty, which would no doubt only be supportive of the Yen in any case.
Technically, attention remains to the downside and the market could be targeting the 130.20 recent 25th Jan low. With the market below the mid Feb highs at 136.70, the bearish sentiment remains in tact and through the aforementioned Jan low, targets could be set on the psychological 130.00 and headed towards the 200 month ma and Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012), as noted by Karen Jones, chief analyst at Commerzbank.
EUR/JPY is in a minor recovery but is stuck on the mid point of the 131 handle. 131.20 is coming in as support for now with 131.80 as first resistance. The euro crosses are currently rangy on the sort term charts after the dollar's rampage on the market post the NFP's and especially now that the ECB has started its QE programme, it could be that the market plays out with very little new news over the EU besides ongoing political uncertainty, which would no doubt only be supportive of the Yen in any case.
Technically, attention remains to the downside and the market could be targeting the 130.20 recent 25th Jan low. With the market below the mid Feb highs at 136.70, the bearish sentiment remains in tact and through the aforementioned Jan low, targets could be set on the psychological 130.00 and headed towards the 200 month ma and Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012), as noted by Karen Jones, chief analyst at Commerzbank.