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27 Feb 2015
EUR/JPY: Lower levels coming into view; 132.00 Feb low first target
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.87 with a high of 134.27 and a low of 133.43.
EUR/JPY has sold off and is closing the week towards the downside and below the 133 handle. The support line at 132.00 (feb low) comes into sight here given that attempts towards the 38.2% retracement level at 137.65 continue to fail with the 200 DMA way it of reach, which is placed at 139.31. USD/JPY is holding the EUR/JPY for the time being but continued failures ahead of the 120 psychological level could start to trigger selling interest again and that will be detrimental to the cross and could be the catalyst for a go towards the Feb lows again.
Karen Jones, chief analysts at Commerzbank expects lower still and said, "We look for a break below 130.00 to the 200 month ma and Fibonacci retracement at 128.27/52 (38.2% retracement of the move up from 2012). This is the break down point to 124.94/June 2013 low en route to the 122.14/121.95 200 week ma and 50% retracement of the same move."
EUR/JPY has sold off and is closing the week towards the downside and below the 133 handle. The support line at 132.00 (feb low) comes into sight here given that attempts towards the 38.2% retracement level at 137.65 continue to fail with the 200 DMA way it of reach, which is placed at 139.31. USD/JPY is holding the EUR/JPY for the time being but continued failures ahead of the 120 psychological level could start to trigger selling interest again and that will be detrimental to the cross and could be the catalyst for a go towards the Feb lows again.
Karen Jones, chief analysts at Commerzbank expects lower still and said, "We look for a break below 130.00 to the 200 month ma and Fibonacci retracement at 128.27/52 (38.2% retracement of the move up from 2012). This is the break down point to 124.94/June 2013 low en route to the 122.14/121.95 200 week ma and 50% retracement of the same move."