8 Jul 2015
EUR/JPY: Big test of critical support 133.10/50
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.54 with a high of 135.03 and a low of 133.39.
EUR/JPY has fallen in to the hands of the bears who are cracking on with the downside and testing critical support.
EUR/JPY price action and technical analyses
EUR/JPY has been better offered since the opening bearish gap this week and the cross is a sell on rallies from 136.00, 135.70, 135.40, 134.90 and 134.40. Yesterday's low was 133.51 and today we are changing hands below this while USD/JPY is down nearly 200 pips on the day so far despite falling stocks US.
EUR/JPY is dropping towards the April 2015 low and May recovery support at 133.10 while penetrating the 100 hour MA at 133.51. Karen Jones, chief analyst at Commerzbank explained, ""The 133.57/50% retracement is exposed this together with the 133.10 May low is expected to act as the break down point to 131.80/61.8% retracement then 129.28 the 78.6% retracement."
EUR/JPY fundamentals
EUR/JPY bears are weighing in on the likely hood tipping towards the balance of a Grexit. European leaders and public are becoming impatient with the lack of sense of urgency that is being delivered from Athens to come up with an appropriate proposal.
Greece now have until Friday to submit their final proposal ahead of the EU summit on sunday and show time. Meanwhile, the Greece ESM letter was submitted requesting a loan facility to be used to meet Greece’s debt obligations and to ensure stability of the financial system, with an expressed desire to clear our outstanding arrears with the IMF and the Bank of Greece.
The letter also outlined the time frame for delivering the outstanding proposal as, "The Greek government will on Thursday 9 July at the latest set out in detail its proposals for a comprehensive and specific reform agenda for assessment by the three Institutions to be presented to the Euro Group."
EUR/JPY has fallen in to the hands of the bears who are cracking on with the downside and testing critical support.
EUR/JPY price action and technical analyses
EUR/JPY has been better offered since the opening bearish gap this week and the cross is a sell on rallies from 136.00, 135.70, 135.40, 134.90 and 134.40. Yesterday's low was 133.51 and today we are changing hands below this while USD/JPY is down nearly 200 pips on the day so far despite falling stocks US.
EUR/JPY is dropping towards the April 2015 low and May recovery support at 133.10 while penetrating the 100 hour MA at 133.51. Karen Jones, chief analyst at Commerzbank explained, ""The 133.57/50% retracement is exposed this together with the 133.10 May low is expected to act as the break down point to 131.80/61.8% retracement then 129.28 the 78.6% retracement."
EUR/JPY fundamentals
EUR/JPY bears are weighing in on the likely hood tipping towards the balance of a Grexit. European leaders and public are becoming impatient with the lack of sense of urgency that is being delivered from Athens to come up with an appropriate proposal.
Greece now have until Friday to submit their final proposal ahead of the EU summit on sunday and show time. Meanwhile, the Greece ESM letter was submitted requesting a loan facility to be used to meet Greece’s debt obligations and to ensure stability of the financial system, with an expressed desire to clear our outstanding arrears with the IMF and the Bank of Greece.
The letter also outlined the time frame for delivering the outstanding proposal as, "The Greek government will on Thursday 9 July at the latest set out in detail its proposals for a comprehensive and specific reform agenda for assessment by the three Institutions to be presented to the Euro Group."