25 Mar 2015
EUR/JPY: Downward pressures ahead while below 132.00
FXStreet (Guatemala) - EUR/JPY is currently trading at 131.15 with a high of 131.43 and a low of 130.58.
EUR/JPY has started to consolidate below attempts at 131.40 and remains within the ascending channel from 128.40 and lower to 126.90. The euro was bid in Europe seeing through 1.1000 to aforementioned highs, but just shy, however, of yesterday's highs at 1.1029. In Europe, the German IFO's came out positive for the business climate while we had good German manufacturing also yesterday's PMI's.
Technically, the cross has been trading in a bullish trend but Karen Jones, chief analyst at Commerzbank, noted and explained that EUR/JPY once again tried to reach last week’s high at 131.67 and the February low at 132.00. "As long as this resistance area caps on a daily chart closing basis, renewed downside pressure should soon be seen. We thus expect to see losses towards the recent low at 126.91."
EUR/JPY has started to consolidate below attempts at 131.40 and remains within the ascending channel from 128.40 and lower to 126.90. The euro was bid in Europe seeing through 1.1000 to aforementioned highs, but just shy, however, of yesterday's highs at 1.1029. In Europe, the German IFO's came out positive for the business climate while we had good German manufacturing also yesterday's PMI's.
Technically, the cross has been trading in a bullish trend but Karen Jones, chief analyst at Commerzbank, noted and explained that EUR/JPY once again tried to reach last week’s high at 131.67 and the February low at 132.00. "As long as this resistance area caps on a daily chart closing basis, renewed downside pressure should soon be seen. We thus expect to see losses towards the recent low at 126.91."