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14 Apr 2015
EUR/JPY: A minor recovery within strong daily downtrend
FXStreet (Guatemala) - EUR/JPY is currently trading at 127.22 with a high of 127.64 and a low of 126.09.
EUR/JPY has seen a sharp rise despite the Japanese currency's demand across the board with USD/JPY down testing last week's recovery point in the low 119's. EUR/USD's move from 1.0560-1.0707 the high has dragged the cross from 126.26 to 127.63 form a drift that began over night in the European session with an acceleration of pace on the back of poor US data fundamentals, where in recent trade, consolidation has started to take place on 127.20 support.
Technically, the pair is now back out of bearish territory on the short-term chart at least where otherwise, it was sitting below the March low of 126.91 at the start of the week and supply was creating possibilities of a convincing series of closes to the downside, breaking in to June 2013 territory and monthly lows. However, this is a minor bounce in the grander scheme of the trend on the daily chart and 128.35, March 31 low would indicate neutral consolidate territory. Karen Jones, chief analyst at Commerzbank noted considerable resistance from 131 upwards.
EUR/JPY has seen a sharp rise despite the Japanese currency's demand across the board with USD/JPY down testing last week's recovery point in the low 119's. EUR/USD's move from 1.0560-1.0707 the high has dragged the cross from 126.26 to 127.63 form a drift that began over night in the European session with an acceleration of pace on the back of poor US data fundamentals, where in recent trade, consolidation has started to take place on 127.20 support.
Technically, the pair is now back out of bearish territory on the short-term chart at least where otherwise, it was sitting below the March low of 126.91 at the start of the week and supply was creating possibilities of a convincing series of closes to the downside, breaking in to June 2013 territory and monthly lows. However, this is a minor bounce in the grander scheme of the trend on the daily chart and 128.35, March 31 low would indicate neutral consolidate territory. Karen Jones, chief analyst at Commerzbank noted considerable resistance from 131 upwards.