13 Feb 2015
EUR/JPY: Headed to 129.00 through key supports?
FXStreet (Guatemala) - EUR/JPY is currently trading at 135.57 with a high of 135.95 and a low of 135.45.
EUR/JPY is heavy on the minor rebound from lows set as the Yen was boosted through the media reports of BoJ officials commenting that they are concerned for QE and the weakness of the currency and how this will be effecting domestic consumers.
The cross lost 166 pips on the down move in London and only managed a minor recovery to 136.00 in late London trade. Meanwhile, the 20 day ma at 134.65, where the cross headed towards, acts as support. "Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012. Initial support is 132.00/40." - Karen Jones, chief analyst at Commerzbank explained.
EUR/JPY is heavy on the minor rebound from lows set as the Yen was boosted through the media reports of BoJ officials commenting that they are concerned for QE and the weakness of the currency and how this will be effecting domestic consumers.
The cross lost 166 pips on the down move in London and only managed a minor recovery to 136.00 in late London trade. Meanwhile, the 20 day ma at 134.65, where the cross headed towards, acts as support. "Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012. Initial support is 132.00/40." - Karen Jones, chief analyst at Commerzbank explained.