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11 Dec 2014
EUR/JPY not out of the woods yet
FXStreet (Guatemala) - EUR/JPY is trading at 147.61, up 0.50% on the day, having posted a daily high at 147.89 and low at 146.43.
EUR/JPY has climbed out of the 146 handle and reached into the high 147’s before meeting a bout of supply again after a stumble at 147.20. USD/JPY has been the driver on demand in the halfway point of the 117 handle overnight and driving through the 118’s of late to score an impressive gain of 160 pips so far with only minor set backs.
However, we are still not of the woods yet in the cross and as Karen Jones, chief analyst at Commerzbank, explained, the accelerated uptrend has been eroded and this leaves key support at 145.68 exposed (December 2013 peak). “Failure here will target the 142.63 2 month support line…Only above 150.35 will target the 78.6% retracement of the move down from 2008 at 153.35.”
EUR/JPY has climbed out of the 146 handle and reached into the high 147’s before meeting a bout of supply again after a stumble at 147.20. USD/JPY has been the driver on demand in the halfway point of the 117 handle overnight and driving through the 118’s of late to score an impressive gain of 160 pips so far with only minor set backs.
However, we are still not of the woods yet in the cross and as Karen Jones, chief analyst at Commerzbank, explained, the accelerated uptrend has been eroded and this leaves key support at 145.68 exposed (December 2013 peak). “Failure here will target the 142.63 2 month support line…Only above 150.35 will target the 78.6% retracement of the move down from 2008 at 153.35.”