1 Dec 2014
EUR/JPY on target for 149.00
FXStreet (Guatemala) - EUR/JPY is trading at 147.62, up 0.00% on the day, having posted a daily high at 148.18 and low at 147.09.
EUR/JPY has dropped back on the bearish gap into a consolidation with a 40 pip range on the 147 handle between 147.30 and 147.70 in the last period of trading on the 30 minute chart. Overall, however, EUR/JPY has recovered off the 145.68 December 2013 peak as noted by Karen Jones, chief analyst at Commerzbank.
“This was also the approximate location of the 23.6% retracement of the move higher seen over the past 2 months at 145.60”.
She added that the move above 147.45 suggests another run up to the current November high at 149.12 and the August 2007 low at 149.25 which, remains in focus and noted this together with the psychological 150.00 level. “Above here will target the 78.6% retracement of the move down from 2008 at 153.35”.
EUR/JPY has dropped back on the bearish gap into a consolidation with a 40 pip range on the 147 handle between 147.30 and 147.70 in the last period of trading on the 30 minute chart. Overall, however, EUR/JPY has recovered off the 145.68 December 2013 peak as noted by Karen Jones, chief analyst at Commerzbank.
“This was also the approximate location of the 23.6% retracement of the move higher seen over the past 2 months at 145.60”.
She added that the move above 147.45 suggests another run up to the current November high at 149.12 and the August 2007 low at 149.25 which, remains in focus and noted this together with the psychological 150.00 level. “Above here will target the 78.6% retracement of the move down from 2008 at 153.35”.