Friday, October 2, 2015

EUR/JPY minor recovery running pout of legs?

FXStreet (Guatemala) - EUR/JPY is currently trading at 133.93 with a high of 134.24 and low of 133.43.

EUR/JPY is pressured below the hourly 200 and 50 MA's after a series of offers from the 135.0 handle, finding demand only until 133.41. The re-bound has managed a score towards the 134 handle penetrating the 20 SMA on the same time frames.

The euro was under early pressure after the softer PMI's especially vs the Yen due to the BoJ suggesting that no further easing is required. The euro gathered some traction as equities came off again and allows the cross to drift higher.

EUR/JPY levels

Technically, EUR/JPY remains under pressure and Karen Jones, chief analyst at Commerzbank looks for further weakness. "It is poised to reach the 133.37 6 month support line, while this may hold the initial test, we still view the market as having topped and look for a slide back to the 132.24/131.80 recent low and 61.8% retracement."
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