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9 Apr 2015
EUR/JPY dancing with the bears; 128.40 next hurdle
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.54 with a high of 129.77 and a low of 128.39.
EUR/JPY has been in consolidation of the downside move this month, when the pair lost the 131 and 130 handle. In today's trade alone, the pair has dropped over half a cent and continues to dance with the bears.
Technically, below 128.40 lies the 126.91 March low which is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.64/121.95 200 week moving average and 50% retracement, according to Karen Jones, chief analyst at Commerzbank. "A currently unexpected rise and daily chart close above the 132.00 February high would increase the risk of a break above the 55 day moving average at 132.32 en route to the 134.77 2015 downtrend."
EUR/JPY has been in consolidation of the downside move this month, when the pair lost the 131 and 130 handle. In today's trade alone, the pair has dropped over half a cent and continues to dance with the bears.
Technically, below 128.40 lies the 126.91 March low which is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.64/121.95 200 week moving average and 50% retracement, according to Karen Jones, chief analyst at Commerzbank. "A currently unexpected rise and daily chart close above the 132.00 February high would increase the risk of a break above the 55 day moving average at 132.32 en route to the 134.77 2015 downtrend."