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13 Mar 2015
EUR/JPY: Bulls capped on the minor recovery at 129.00
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.91 with a high of 129.02 and a low of 128.81.
EUR/JPY bears are not giving up the 129 handle to the bulls and the minor recovery has been capped here as we approach the final open from Tokyo this week. The euro has been recovering across the board as a softer tone comes in to interrupt the greenbacks advance this week and markets are becoming wise of possible negative implications for a strong dollar in the current economic climate which has supported the drift higher in the cross.
Technically, Valeria Bednarik, chief analyst at FXStreet suggested that the upward corrective movement can extend if the price advances beyond the 129.00 level, although explained that a break below 128.20 and the immediate support could see the pair resuming the downside beyond the 127.60 support level. Below current price, we also have the 200 month ma and Fibonacci retracement at 128.11/52 that bears will ned to contend with.
EUR/JPY bears are not giving up the 129 handle to the bulls and the minor recovery has been capped here as we approach the final open from Tokyo this week. The euro has been recovering across the board as a softer tone comes in to interrupt the greenbacks advance this week and markets are becoming wise of possible negative implications for a strong dollar in the current economic climate which has supported the drift higher in the cross.
Technically, Valeria Bednarik, chief analyst at FXStreet suggested that the upward corrective movement can extend if the price advances beyond the 129.00 level, although explained that a break below 128.20 and the immediate support could see the pair resuming the downside beyond the 127.60 support level. Below current price, we also have the 200 month ma and Fibonacci retracement at 128.11/52 that bears will ned to contend with.