10 Mar 2015
EUR/JPY: Breaking down the supporting barriers, target 128.14/52
FXStreet (Guatemala) - EUR/JPY is currently breaking through key downside levels, with a low of 129.69 and a high of 131.87 trading at 129.69 currently.
EUR/JPY has dropped through 129.80 and the bearishness reigns over the euro while USD plays havoc across the board and takes the Yen through the 122 handle for the first time 2007. Vs the euro, the greenback is the highest since 2003 when it was trading below 1.07 recently. This is all on the back of the QE programme that the ECB embarked upon yesterday, sending sovereign debt through the roof and yields lower, weighing on the spreads and the euro is naturally out of the room with supply as a bi-product of the trading activity.
Technically, Karen Jones, chief analyst at Commerzbank explained while below the 136.70 mid February high, their longer term negative bias will remain intact and they look for a break to the Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012)."
EUR/JPY has dropped through 129.80 and the bearishness reigns over the euro while USD plays havoc across the board and takes the Yen through the 122 handle for the first time 2007. Vs the euro, the greenback is the highest since 2003 when it was trading below 1.07 recently. This is all on the back of the QE programme that the ECB embarked upon yesterday, sending sovereign debt through the roof and yields lower, weighing on the spreads and the euro is naturally out of the room with supply as a bi-product of the trading activity.
Technically, Karen Jones, chief analyst at Commerzbank explained while below the 136.70 mid February high, their longer term negative bias will remain intact and they look for a break to the Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012)."