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20 Mar 2015
EUR/JPY: Consolidating the correction on Friday Asia
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.90 with a high of 128.91 and a low of 128.61.
EUR/JPY has consolidated the recent market turmoil into a drift along the lows and downside of the 2015 bearish trend. The price was volatile over the past 24hrs on the back of the aftermath of the FOMC announcements and an evidently dovish Fed.
The Yen was taken lower with flows into the euro and out of the dollar, with the cross rallying from the 128.50 mark right up to 131.70 before supply capped the cross. On the turn around in Asia, pressures mounted and dragged the cross lower and when handed over the European markets, the pair sank even lower and back down to the start of yesterday's rally again. From here, at week end, the cross is expected to drift without anything on the calendar threatening its stable positioning on the charts.
Looking ahead, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart the price failed on Wednesday to extend above a strongly bearish 100 SMA. "While at the time being, the technical indicators are turning flat below their mid-lines, supporting additional declines should the price break below 128.10, the immediate support."
EUR/JPY has consolidated the recent market turmoil into a drift along the lows and downside of the 2015 bearish trend. The price was volatile over the past 24hrs on the back of the aftermath of the FOMC announcements and an evidently dovish Fed.
The Yen was taken lower with flows into the euro and out of the dollar, with the cross rallying from the 128.50 mark right up to 131.70 before supply capped the cross. On the turn around in Asia, pressures mounted and dragged the cross lower and when handed over the European markets, the pair sank even lower and back down to the start of yesterday's rally again. From here, at week end, the cross is expected to drift without anything on the calendar threatening its stable positioning on the charts.
Looking ahead, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart the price failed on Wednesday to extend above a strongly bearish 100 SMA. "While at the time being, the technical indicators are turning flat below their mid-lines, supporting additional declines should the price break below 128.10, the immediate support."