21 Jan 2015
EUR/JPY consolidating around 136.50
FXStreet (Edinburgh) - EUR/JPY is now attempting a sideline pattern between 136.40 and 136.80, amidst a context of JPY strength and EUR rumours.
EUR/JPY down from 137.20
The cross has been easing ground since the Asian session kicked in today, following the unchanged stance by the BoJ in today’s meeting. Collaborating with the consolidative scheme, the EUR is exhibiting an unusual reticence in the upper-1.1500s in spite of the ECB rumours leaked today.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the cross “has reached our initial corrective target at 137.60. We are unable to rule out an extension to 139.45 band (but this looks less likely), and would look for the rally to terminate here”.
EUR/JPY levels to consider
As of writing the cross is down 0.48% at 136.48 with the next support at 135.81 (low Jan.21) ahead of 135.17 (low Jan.19) and then 134.70 (2015 low Jan.16). On the upside, a break above 137.10 (high Jan.21) would open the door to 138.00 (psychological level) and finally 138.33 (low Dec.13).
EUR/JPY down from 137.20
The cross has been easing ground since the Asian session kicked in today, following the unchanged stance by the BoJ in today’s meeting. Collaborating with the consolidative scheme, the EUR is exhibiting an unusual reticence in the upper-1.1500s in spite of the ECB rumours leaked today.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the cross “has reached our initial corrective target at 137.60. We are unable to rule out an extension to 139.45 band (but this looks less likely), and would look for the rally to terminate here”.
EUR/JPY levels to consider
As of writing the cross is down 0.48% at 136.48 with the next support at 135.81 (low Jan.21) ahead of 135.17 (low Jan.19) and then 134.70 (2015 low Jan.16). On the upside, a break above 137.10 (high Jan.21) would open the door to 138.00 (psychological level) and finally 138.33 (low Dec.13).