27 Oct 2015
EUR/JPY: bears prevail and critically testing 133.00
FXStreet (Guatemala) - EUR/JPY is currently trading at 1.3302 with a high of 133.16 and a low of 132.96.
EUR/JPY wears both sides of the story with the BoJ coming under the spotlight later in the week after the ECB opening the downside of the single currency with a highly dovish tone, clarifying bearish opinion. There is some doubt over the BoJ, although an easing bias may reveal itself and weigh on the Yen as the greenback maintains its dominance. EZ data will be monitored, but it will take a shift of some proportion to drive the direction otherwise.
EUR/JPY levels
Karen Jones, chief analyst at Commerzbank sees the EUR/JPY remaining under pressure following its recent break below its 6 month uptrend, which she said should now act as initial resistance at 134.45. "We look for further weakness to initially the 133.17 23rd September low and the 132.24 4th September low. Intraday rallies are likely to now struggle above 134.00/45."
EUR/JPY wears both sides of the story with the BoJ coming under the spotlight later in the week after the ECB opening the downside of the single currency with a highly dovish tone, clarifying bearish opinion. There is some doubt over the BoJ, although an easing bias may reveal itself and weigh on the Yen as the greenback maintains its dominance. EZ data will be monitored, but it will take a shift of some proportion to drive the direction otherwise.
EUR/JPY levels
Karen Jones, chief analyst at Commerzbank sees the EUR/JPY remaining under pressure following its recent break below its 6 month uptrend, which she said should now act as initial resistance at 134.45. "We look for further weakness to initially the 133.17 23rd September low and the 132.24 4th September low. Intraday rallies are likely to now struggle above 134.00/45."