6 Aug 2015
EUR/JPY: bears lurking for a sell on the rally?
FXStreet (Guatemala) - EUR/JPY is currently trading at 136.17 with a high of 136.20 and a low of 134.99.
EUR/JPY is staging a minor recovery from the lows of the two-week bear trend that holds a high of 137.34 and a bottom at 135.02. The Yen was beaten up today with USD/JPY trading at the highest level since early June, probing 125.00 and the cross rallying a cent over the course of the afternoon in London. However, the euro staged a good recovery vs the dollar on weaker ADP employment and the cross was supported, despite USD/JPY failing at the aforementioned highs. The next key driver for the greenback will come as a result of the Nonfarm Payrolls this Friday in the US shift. For the Yen, we will monitor the BoJ and statement tonight in Asia.
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EUR/JPY remains bearish below key resistances
Karen Jones, chief analyst at Commerzbank explained the technical conditions surrounding a bearishly biased view on EUR/JPY while trading below key resistances. "EUR/JPY repeated failure to overcome the 200 day ma at 137.07 finally took its toll and the market has eroded the 4 month uptrend at 137.51. This opens up the possibility of a slide to key support, which lies at 133.57/10, the lows since May. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that 136.44 is critical resistance. "The weekly high stands at 136.44, and is now a critical resistance as it will take a break above it to confirm a continued advance for this Thursday."
EUR/JPY is staging a minor recovery from the lows of the two-week bear trend that holds a high of 137.34 and a bottom at 135.02. The Yen was beaten up today with USD/JPY trading at the highest level since early June, probing 125.00 and the cross rallying a cent over the course of the afternoon in London. However, the euro staged a good recovery vs the dollar on weaker ADP employment and the cross was supported, despite USD/JPY failing at the aforementioned highs. The next key driver for the greenback will come as a result of the Nonfarm Payrolls this Friday in the US shift. For the Yen, we will monitor the BoJ and statement tonight in Asia.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
EUR/JPY remains bearish below key resistances
Karen Jones, chief analyst at Commerzbank explained the technical conditions surrounding a bearishly biased view on EUR/JPY while trading below key resistances. "EUR/JPY repeated failure to overcome the 200 day ma at 137.07 finally took its toll and the market has eroded the 4 month uptrend at 137.51. This opens up the possibility of a slide to key support, which lies at 133.57/10, the lows since May. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that 136.44 is critical resistance. "The weekly high stands at 136.44, and is now a critical resistance as it will take a break above it to confirm a continued advance for this Thursday."