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16 Mar 2015
EUR/JPY: Tough resistance up ahead below 3m downtrend
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.58 with a high of 128.68 and a low of 127.08.
EUR/JPY has made some good ground at the start of the week, moving out of heavily bearish territory and challenges last week's downtrend from 128.80 with a move from below the mid point of the 127 handle. EUR/USD has made attempts at 1.06 which has boosted the euro across the board while USD/JPY remains in a consolidation phase between the centre and lower end of the 121 handle.
EUR/JPY has been on a minor recovery but these rallies will find initial resistance at 130.16, the January low and at 132.00, the 2nd February low ahead of 132.05 3 month downtrend, as suggested by Karen Jones, chief analyst at Commerzbank. "We note a 13 count on the daily and TD support at 126.60. This is regarded as the break down point to 124.94/June 2013 low en route to the 122.42/121.95 200 week ma and 50% retracement of the same move."
EUR/JPY has made some good ground at the start of the week, moving out of heavily bearish territory and challenges last week's downtrend from 128.80 with a move from below the mid point of the 127 handle. EUR/USD has made attempts at 1.06 which has boosted the euro across the board while USD/JPY remains in a consolidation phase between the centre and lower end of the 121 handle.
EUR/JPY has been on a minor recovery but these rallies will find initial resistance at 130.16, the January low and at 132.00, the 2nd February low ahead of 132.05 3 month downtrend, as suggested by Karen Jones, chief analyst at Commerzbank. "We note a 13 count on the daily and TD support at 126.60. This is regarded as the break down point to 124.94/June 2013 low en route to the 122.42/121.95 200 week ma and 50% retracement of the same move."