16 Jun 2015
EUR/JPY slightly bearish above key 138.00
FXStreet (Guatemala) - EUR/JPY is currently trading at 138.70 with a high of 140.00 and a low of 138.24.
EUR/JPY price action
EUR/JPY has eyes on the 138 handle having dropped over one and half big figures with a resilient yen and a weak euro on the day and overnight in european trade. The price has lost sight of the 140.00's after the over extended close of the bearish gap at the start of the week and looks to challenge 12th Junes lows of 138.10 albeit with 138.20 to over come first while the downside is starting to consolidate in to a chop.
EUR/JPY Fundamentals
There are a number of factors surrounding the cross with the forthcoming FOMC approaching weighing on the euro (Fed/ECB divergence) as we move through the week, poor EZ data in German ZEW missed and lower than consensus German CPI's while a major event for the cross could come in the BoJ while a focus could be on the Central Bank's officials recently talking up the Yen, which if discussed in the press conference, could weigh heavily on EUR/JPY.
Technically Neutral
Karen Jones, chief analyst at Commerzbank explained EUR/JPY has held over cloud support on the 240 minute chart and the intraday Elliott wave count is implying that we have one more leg higher to 142.50/60 prior to failure. "Initial support lies at 138.00 ahead of 137.30/136.63, the base of the channel. Only below here does the chart picture deteriorate."
EUR/JPY price action
EUR/JPY has eyes on the 138 handle having dropped over one and half big figures with a resilient yen and a weak euro on the day and overnight in european trade. The price has lost sight of the 140.00's after the over extended close of the bearish gap at the start of the week and looks to challenge 12th Junes lows of 138.10 albeit with 138.20 to over come first while the downside is starting to consolidate in to a chop.
EUR/JPY Fundamentals
There are a number of factors surrounding the cross with the forthcoming FOMC approaching weighing on the euro (Fed/ECB divergence) as we move through the week, poor EZ data in German ZEW missed and lower than consensus German CPI's while a major event for the cross could come in the BoJ while a focus could be on the Central Bank's officials recently talking up the Yen, which if discussed in the press conference, could weigh heavily on EUR/JPY.
Technically Neutral
Karen Jones, chief analyst at Commerzbank explained EUR/JPY has held over cloud support on the 240 minute chart and the intraday Elliott wave count is implying that we have one more leg higher to 142.50/60 prior to failure. "Initial support lies at 138.00 ahead of 137.30/136.63, the base of the channel. Only below here does the chart picture deteriorate."