6 Mar 2015
EUR/JPY: Looking for a break to below 130.00
FXStreet (Guatemala) - EUR/JPY is currently trading at 132.50 with a high of 132.60 and a low of 132.41 in early Asia.
EUR/JPY is consolidated after a shoeing when the euro dropped to the lowest levels since 2003 post the dust settling after the ECB meeting. Initially the euro went bid, but that was short lived and the market sold off in the euro as America came in.
Now brings in the potential for a break below 130.00. Valeria Bednarik, chief analyst at FXStree suggested, "The pair has established a daily low at 132.10, which means a price acceleration below the level should lead to a steadier decline towards the 130.13 level, January 25 daily low." Below here comes the 200 month ma and Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012), as noted by Karen Jones, chief analyst at Comerzbank. "This is the break down point to 124.94/June 2013 low en route to the 122.31/121.95 200 week ma and 50% retracement of the same move."
EUR/JPY is consolidated after a shoeing when the euro dropped to the lowest levels since 2003 post the dust settling after the ECB meeting. Initially the euro went bid, but that was short lived and the market sold off in the euro as America came in.
Now brings in the potential for a break below 130.00. Valeria Bednarik, chief analyst at FXStree suggested, "The pair has established a daily low at 132.10, which means a price acceleration below the level should lead to a steadier decline towards the 130.13 level, January 25 daily low." Below here comes the 200 month ma and Fibonacci retracement at 128.14/52 (38.2% retracement of the move up from 2012), as noted by Karen Jones, chief analyst at Comerzbank. "This is the break down point to 124.94/June 2013 low en route to the 122.31/121.95 200 week ma and 50% retracement of the same move."