29 Jan 2015
EUR/JPY in corrective mode - EUR/CHF bid
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.76 with a high of 134.08 and a low of 132.38 and is 0.88% up on the day.
EUR/JPY is up to test the highs of the week, making a minor correction of the lows. The euro is in recovery mode and frustrating for the bears given the currency is bid across the board of crosses such as EUR/CHF on he bid through post SNB highs and despite a number of key data releases against the favour of the single currency, specifically the German CPI's but also US jobless claims beating expectations didn't curb the uptrend in the major either.
End of month hedging/squaring might be at play and such price action may be viewed as corrective only, as with the EUR/JPY from 130.00 week opening. Karen Jones, chief analyst at Commerzbank explained that they continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012. We note the divergence of the daily RSI.
EUR/JPY is up to test the highs of the week, making a minor correction of the lows. The euro is in recovery mode and frustrating for the bears given the currency is bid across the board of crosses such as EUR/CHF on he bid through post SNB highs and despite a number of key data releases against the favour of the single currency, specifically the German CPI's but also US jobless claims beating expectations didn't curb the uptrend in the major either.
End of month hedging/squaring might be at play and such price action may be viewed as corrective only, as with the EUR/JPY from 130.00 week opening. Karen Jones, chief analyst at Commerzbank explained that they continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012. We note the divergence of the daily RSI.