13 Feb 2015
EUR/JPY: Steady ahead of Greece / Eurogroup event
FXStreet (Guatemala) - EUR/JPY is currently trading 135.39 with a high of 136.04 and a low of 135.16.
EUR/JPY is ending an eventful week on the 135 handle having started out at 133.68 and climbed as highs as 136.71. There will be more of the Eurogroup and Greece over the weekend and Monday when the official meeting is scheduled for where there is a consensus that a deal will be agreed upon.
Analysts at Swissquote explained and said, "In an positive, indication Greek Prime Minister Alexis Tsipras met his EU peers for the first time and stated that he see the political will to find an agreement on how to handle the existing aid program expiration." They also added that German Chancellor Angela Merkel stated that her meeting with Tsipras was ‘very friendly’ and that comprise was a key to Europe strength. "She went on to say ‘I would like them to apply for the extension as soon as possible, and if the goal is to fulfil it by the end of February, then I’d like the intention to fulfil it to be announced soon.’ Financial markets are jumping ahead of the news pushing risk sentiment higher."
Technically, we remain the same, with the market eroding its 20 day ma at 134.61 bringing in the near term uptrend at 134.37 that will likely act as should now act as support, "Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012." as explained by Karen Jones, chief analyst at Commerzbank.
EUR/JPY is ending an eventful week on the 135 handle having started out at 133.68 and climbed as highs as 136.71. There will be more of the Eurogroup and Greece over the weekend and Monday when the official meeting is scheduled for where there is a consensus that a deal will be agreed upon.
Analysts at Swissquote explained and said, "In an positive, indication Greek Prime Minister Alexis Tsipras met his EU peers for the first time and stated that he see the political will to find an agreement on how to handle the existing aid program expiration." They also added that German Chancellor Angela Merkel stated that her meeting with Tsipras was ‘very friendly’ and that comprise was a key to Europe strength. "She went on to say ‘I would like them to apply for the extension as soon as possible, and if the goal is to fulfil it by the end of February, then I’d like the intention to fulfil it to be announced soon.’ Financial markets are jumping ahead of the news pushing risk sentiment higher."
Technically, we remain the same, with the market eroding its 20 day ma at 134.61 bringing in the near term uptrend at 134.37 that will likely act as should now act as support, "Slightly longer term we continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012." as explained by Karen Jones, chief analyst at Commerzbank.