22 Dec 2014
EUR/JPY up to test resistance 147.00 ahead of key levels
FXStreet (Guatemala) - EUR/JPY is trading at 147.00, up 0.60% on the day, having posted a daily high at 147.15 and low at 145.96. EUR/JPY up to test resistance 147.00 ahead of key levels.
EUR/JPY has pulled itself up in the remaining sessions of the year. 147.10/20 is acting as resistance in the first instance. However, the pair remains below 148.45, and as noted by Karen Jones, chief analyst at Commerzbank, this is a key level. “Above 148.45 would suggest a retest of the 149.79/150.35 resistance. Only above 150.35 will target the 78.6% retracement of the move down from 2008 at 153.35”.
MEanwhile, the holiday period may make for choppy trading. Analysts at TD Securities suggest, however, that modest EUR gains remain a sell as the US economy gathers momentum and the Fed gets ready for rate lift off while the ECB dithers over additional stimulus measures that are likely to be implemented sooner or later.
EUR/JPY has pulled itself up in the remaining sessions of the year. 147.10/20 is acting as resistance in the first instance. However, the pair remains below 148.45, and as noted by Karen Jones, chief analyst at Commerzbank, this is a key level. “Above 148.45 would suggest a retest of the 149.79/150.35 resistance. Only above 150.35 will target the 78.6% retracement of the move down from 2008 at 153.35”.
MEanwhile, the holiday period may make for choppy trading. Analysts at TD Securities suggest, however, that modest EUR gains remain a sell as the US economy gathers momentum and the Fed gets ready for rate lift off while the ECB dithers over additional stimulus measures that are likely to be implemented sooner or later.