20 Mar 2015
EUR/JPY: Taken down on Yen flows
FXStreet (Guatemala) - EUR/JPY is currently trading at 129.85 with a high of 130.50 and a low of 128.61.
EUR/JPY has backed off from the 130.50 highs scored when the EUR vs the greenback rallied into the 1.08 territory on a last minute spur of energy from the bloc nation single currency. The greenback was giving back some gains across the board from what started out as a quiet Friday in European markets but moved in to gear on the US cross over where a long squeeze in the US dollar took a hold.
USD/JPY broke down through key support with very little demand or hesitation in supply, triggering stops right down through 120.60 support towards the 120 psychological level, falling shy at 120.12. For the cross, this triggered the sell off from 130.20/30 territory down to aforementioned lows. Technically, this was a weak minor correction and Karen Jones, chief analyst at Commerzbank said that she would prepare for losses towards the recent low at 126.91.
EUR/JPY has backed off from the 130.50 highs scored when the EUR vs the greenback rallied into the 1.08 territory on a last minute spur of energy from the bloc nation single currency. The greenback was giving back some gains across the board from what started out as a quiet Friday in European markets but moved in to gear on the US cross over where a long squeeze in the US dollar took a hold.
USD/JPY broke down through key support with very little demand or hesitation in supply, triggering stops right down through 120.60 support towards the 120 psychological level, falling shy at 120.12. For the cross, this triggered the sell off from 130.20/30 territory down to aforementioned lows. Technically, this was a weak minor correction and Karen Jones, chief analyst at Commerzbank said that she would prepare for losses towards the recent low at 126.91.