FXStreet (Guatemala) -
EUR/JPY is trading at 136.69, down -0.28% on the day, having posted a daily high at 137.28 and low at 136.66.
Karen Jones, chief analyst at Commerzbank explained that the EUR/JPY gave off an interesting price action yesterday as the market yesterday charted a key day reversal. “There seems to be a reluctance to break down presently below the 136.25 2014 low. This suggests that we will see a corrective rebound near term back towards the 2 month downtrend at 138.06”.
EUR/JPY 130.00 by year end?
Karen Jones went onto to suggest that attention should then revert to the 136.25 February low and longer term they continue to target the 130.00 level which is achievable by year end. “While the rally is capped by the 2-month resistance line at 138.06 we will maintain a neutral to negative bias. Above 138.06 delays but does not negate our negative bias while EUR/JPY is capped by the 2014 downtrend at 140.78”.
EUR/JPY hourly levels
Spot is presently trading at 136.70, and next resistance can be seen at 136.85 (Hourly 100 SMA), 136.94 (Hourly 20 EMA) and 137.07 (Weekly High). Support below can be found at 136.66 (Daily Low) and 136.56 (Daily Classic S1).
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