Thursday, September 24, 2015

EUR/JPY capped at 136 handle

FXStreet (Guatemala) - EUR/JPY is currently trading at 134.49 with a high of 134.65 and a low of 134.42.

EUR/JPY has popped up in the open of Tokyo with Japan back from a number of sessions away. The Asian open is mixed while the Wall Street close was slightly negative. The Yen crosses have been robust while USD/JPY is reclaiming the 120 handle, but trading within familiar tight ranges and range bound and EUR/USD's climb was capped at the 1.12 mark capped at the 200 DMA allowing for consolidation in the cross.

EUR/JPY technical levels

Karen Jones, chief analyst at Commerbank explained that EUR/JPY came under increasing downside pressure yesterday following its recent failure to maintain a break of the 55 week ma, which lies at 137.04. "It has also failed at the 78.6% retracement at 137.55 and we view the market as having topped."

Jones added that they look for a slide back to 133.10 (end of May low) and then to the 132.24/131.80 recent low and 61.8% retracement. "Intraday rallies are indicated to terminate circa 134.10/60. Beyond 134.60 initial resistance lies at 136.00 ahead of the 137.40 recent high."
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