23 Jul 2015
EUR/JPY eyes 137.10 after Greek parliament
FXStreet (Guatemala) - EUR/JPY is currently trading at 136.21 with a high of 136.46 and a low of 135.37.
EUR/JPY has penetrated the 136 handle on broad euro strength in Europe following an initial bid in the euro overnight when the Greek parliament voted in the second round of voting on the reforms to pave way for a third bailout which negotiations with EU leaders and creditors will commence tomorrow.
The Yen has been driven higher vs the greenback also that contains the crosses advances to some extent with the highs at 136.43 capping the pair for now. The cross has recovered now over 200 pips since the start of the week while EUR/USD has the made the same amount of pips of recovery as risk sentiment in the market has improved again with headway being made without interruptions and delays from the Greeks in the procedure towards the third bailout. However, the cross will come under pressure on uncertainties on the bailout and potential Grexit concerns down the line as many remain pessimistic on the outcome of this saga.
EUR/JPY technically bid, never mind the fundamentals
While many analysts predict that the euro will recommence its southerly trajectory in coming days/weeks towards the lows and beyond, some sighting 1.05 or even parity and below by the end of the year on Central Bank divergences, there is still scope for bids to emerge through the cloud top here (1.0994) to attract attention to 1.1104, which should translate in the cross as a target of 137.10 at the 200 DMA and beyond, guarding 140.70/141/06 recent highs. Downside targets in the near term are 134.35 and 133.57/10.
EUR/JPY has penetrated the 136 handle on broad euro strength in Europe following an initial bid in the euro overnight when the Greek parliament voted in the second round of voting on the reforms to pave way for a third bailout which negotiations with EU leaders and creditors will commence tomorrow.
The Yen has been driven higher vs the greenback also that contains the crosses advances to some extent with the highs at 136.43 capping the pair for now. The cross has recovered now over 200 pips since the start of the week while EUR/USD has the made the same amount of pips of recovery as risk sentiment in the market has improved again with headway being made without interruptions and delays from the Greeks in the procedure towards the third bailout. However, the cross will come under pressure on uncertainties on the bailout and potential Grexit concerns down the line as many remain pessimistic on the outcome of this saga.
EUR/JPY technically bid, never mind the fundamentals
While many analysts predict that the euro will recommence its southerly trajectory in coming days/weeks towards the lows and beyond, some sighting 1.05 or even parity and below by the end of the year on Central Bank divergences, there is still scope for bids to emerge through the cloud top here (1.0994) to attract attention to 1.1104, which should translate in the cross as a target of 137.10 at the 200 DMA and beyond, guarding 140.70/141/06 recent highs. Downside targets in the near term are 134.35 and 133.57/10.