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17 Mar 2015
EUR/JPY correction awaits further demand
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.53 with a high of 129.15 and a low of 128.08.
EUR/JPY has turned to test the ascending support line and commitments of the bulls on this minor correction that commenced from 126.90 from when the downtrend commenced at 135.00. USD/JPY has levelled out on 121.20 while the euro is trying to base out above the 1.05 handle after a severe slack in demand since QE commenced at the start of last week's business. There were the EZ CPI's that were released overnight, falling relatively in line, however, the driver for the pair may well come in the FOMC for the time being and this comes on thursday with Yellen's Q&E session after the interest rate decision is released.
Technically, the cross is moving against the grain and the rebound could extend upwards of the 129 handle and target the Jan lows just ahead of 130.20. To the downside, Karen Jones, chief analyst at Commerzbank, regards a 13 count on the daily at support 126.60 as key.
EUR/JPY has turned to test the ascending support line and commitments of the bulls on this minor correction that commenced from 126.90 from when the downtrend commenced at 135.00. USD/JPY has levelled out on 121.20 while the euro is trying to base out above the 1.05 handle after a severe slack in demand since QE commenced at the start of last week's business. There were the EZ CPI's that were released overnight, falling relatively in line, however, the driver for the pair may well come in the FOMC for the time being and this comes on thursday with Yellen's Q&E session after the interest rate decision is released.
Technically, the cross is moving against the grain and the rebound could extend upwards of the 129 handle and target the Jan lows just ahead of 130.20. To the downside, Karen Jones, chief analyst at Commerzbank, regards a 13 count on the daily at support 126.60 as key.