Back
16 Mar 2015
EUR/JPY: Bears lining up for a push towards key support 126.60?
FXStreet (Guatemala) - EUR/JPY is currently trading at 127.39 with a high of 127.54 and low of 127.04.
EUR/JPY has been carving out support along 127.20 below a heavily bearish trend ahead of the fresh lows scored at the close of last week's business at 126.90. The Yen was stronger last week and the 15-year downtrends in the Yen is proving too much for the bulls. However, for the cross, the euro was taken to lower lows vs the greenback and this is weighing heavily on EUR/JPY also.
Technically, EUR/JPY’s has been hit with supply at the 200 month ma and Fibonacci retracement at 128.11/52 (38.2% retracement of the move up from 2012). To the downside, should there be further to go, Karen Jones, chief analyst at Commerzbank noted a 13 count on the daily and TD support at 126.60. "This is regarded as the break down point to 124.94/June 2013 low en route to the 122.36/121.95 200 week ma and 50% retracement of the same move."
EUR/JPY has been carving out support along 127.20 below a heavily bearish trend ahead of the fresh lows scored at the close of last week's business at 126.90. The Yen was stronger last week and the 15-year downtrends in the Yen is proving too much for the bulls. However, for the cross, the euro was taken to lower lows vs the greenback and this is weighing heavily on EUR/JPY also.
Technically, EUR/JPY’s has been hit with supply at the 200 month ma and Fibonacci retracement at 128.11/52 (38.2% retracement of the move up from 2012). To the downside, should there be further to go, Karen Jones, chief analyst at Commerzbank noted a 13 count on the daily and TD support at 126.60. "This is regarded as the break down point to 124.94/June 2013 low en route to the 122.36/121.95 200 week ma and 50% retracement of the same move."