20 Jul 2015
EUR/JPY pokes its head above 135.00
FXStreet (Orlando) - It seemed like a wink. The EUR/JPY rose 40 pips from 134.55 to briefly trade above the 135.00; however, the pair couldn't hold highs and now it's trading back at 134.80.
The Euro is trading in recovery mood on Monday, as FXStreet Analyst Pablo Piovano reported previously, "no news from Greece seems to be good news for the euro so far, with the most relevant news so far being that the country has managed to repay the ECB, the IMF and the Bank of Greece, all worth roughly €7 billion."
In this framework, the EUR/JPY is performing its first positive day in the last four trading days. Currently, EUR/JPY is trading at 134.86, up 0.38% on the day, having posted a daily high at 135.08 and low at 134.33.
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
EUR/JPY forecast
According to the latest EUR/JPY Forecast Poll, the EUR/JPY is expected to fall "toward 133.50 but first a sideways phase." That would mean a 130-pip drop, or around 1.0% decline in 3 months.
As averages, the EUR/JPY Forecast Poll expects: 134.38 for 1-week; 134.60 for a 1-month; and 133.50 as 3-month target.
EUR/JPY levels
As for the short term, if the pair manages to break above 135.00, it will find resistances at 135.25, 135.60 and 136.00. To the downside, supports are at 134.60, 134.35 and 134.20.
The Euro is trading in recovery mood on Monday, as FXStreet Analyst Pablo Piovano reported previously, "no news from Greece seems to be good news for the euro so far, with the most relevant news so far being that the country has managed to repay the ECB, the IMF and the Bank of Greece, all worth roughly €7 billion."
In this framework, the EUR/JPY is performing its first positive day in the last four trading days. Currently, EUR/JPY is trading at 134.86, up 0.38% on the day, having posted a daily high at 135.08 and low at 134.33.
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
EUR/JPY forecast
According to the latest EUR/JPY Forecast Poll, the EUR/JPY is expected to fall "toward 133.50 but first a sideways phase." That would mean a 130-pip drop, or around 1.0% decline in 3 months.
As averages, the EUR/JPY Forecast Poll expects: 134.38 for 1-week; 134.60 for a 1-month; and 133.50 as 3-month target.
EUR/JPY levels
As for the short term, if the pair manages to break above 135.00, it will find resistances at 135.25, 135.60 and 136.00. To the downside, supports are at 134.60, 134.35 and 134.20.