10 Mar 2015
EUR/JPY set to decline towards 128 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, technicals support a EUR/JPY decline towards 128 levels within a week, with the pair facing persistent selling pressures a break below the psychological support at 130 will confirm the view.
Key Quotes
“EUR/JPY was heavily offered during the European session and plummeted to fresh six week lows at 130.32, as the yen trimmed losses and moved away from new cyclical highs versus the US dollar. Also, the cross continues to remain undermined by broad based euro weakness.”
“EUR/JPY currently trades at 130.37 levels, ‐0.84% lower on the day, inching gradually towards the important support zone at 130 barrier.”
“Technically, EUR/JPY continues to move within its short‐term declining channel, indicating persistent selling pressures.”
“The break of the psychological support at 130 opens the way for further short term weakness and the cross could fall to monthly 200‐SMA/Fibonacci retracement at 128.11/50 (38.2% retracement of the 2012 up move).”
“The cross is likely to hold the key support and more sideways moves are expected thereon with EUR/JPY consolidating losses.”
“On the flip side, resistances lie at 134.40 (March 3 High) and 135.38 (Feb 26 high).”
Key Quotes
“EUR/JPY was heavily offered during the European session and plummeted to fresh six week lows at 130.32, as the yen trimmed losses and moved away from new cyclical highs versus the US dollar. Also, the cross continues to remain undermined by broad based euro weakness.”
“EUR/JPY currently trades at 130.37 levels, ‐0.84% lower on the day, inching gradually towards the important support zone at 130 barrier.”
“Technically, EUR/JPY continues to move within its short‐term declining channel, indicating persistent selling pressures.”
“The break of the psychological support at 130 opens the way for further short term weakness and the cross could fall to monthly 200‐SMA/Fibonacci retracement at 128.11/50 (38.2% retracement of the 2012 up move).”
“The cross is likely to hold the key support and more sideways moves are expected thereon with EUR/JPY consolidating losses.”
“On the flip side, resistances lie at 134.40 (March 3 High) and 135.38 (Feb 26 high).”