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2 Mar 2015
EUR/JPY making minor recovery on 134.25 bids
FXStreet (Guatemala) - EUR/JPY is currently trading at 134.33 with a high of 134.67 and a low of 133.60.
EUR/JPY has been consolidating the bid and in fact dropped right back onto 134.25 support from the aforementioned highs today. The cross is starting to stablise and managed a minor recovery in the last hour to the mid point of the handle, with a directionless greenback changing hands between flows on the back of some soft ISM Manufacturing data from the US.
Technically, the pair remains in a broader and longer term bearish trend with a bias towards a potential break below 130.00 to the 200 month ma and Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012), according to Karen Jones, chief analyst at Commerzbank. "This is the break down point to 124.94/June 2013 low en route to the 122.31/121.95 200 week ma and 50% retracement of the same move."
EUR/JPY has been consolidating the bid and in fact dropped right back onto 134.25 support from the aforementioned highs today. The cross is starting to stablise and managed a minor recovery in the last hour to the mid point of the handle, with a directionless greenback changing hands between flows on the back of some soft ISM Manufacturing data from the US.
Technically, the pair remains in a broader and longer term bearish trend with a bias towards a potential break below 130.00 to the 200 month ma and Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012), according to Karen Jones, chief analyst at Commerzbank. "This is the break down point to 124.94/June 2013 low en route to the 122.31/121.95 200 week ma and 50% retracement of the same move."