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4 Feb 2015
EUR/JPY downside revealed; Eyes back on 130.00 and beyond
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.95 with a high of 135.37 and a low of 133.89.
EUR/JPY has bottomed out at 130.10 on the daily chart but yesterday's attempts to the upside from 133.20 to 135.40 were capped there and it has been a decisive move to the downside bottoming at 133.90 for time being.
However, the trading activity here is subsequent of the broader bearish trend from the 147 handle and the 130.00 level remains as a view point for lower levels yet. Chief analyst, Karen Jones at Commerzbank, outlook is for a slightly longer term time frame sees losses to 128.52/34, the 200-month moving average and 38.2% retracement of the move up from 2012. "We note the divergence of the daily RSI."
EUR/JPY has bottomed out at 130.10 on the daily chart but yesterday's attempts to the upside from 133.20 to 135.40 were capped there and it has been a decisive move to the downside bottoming at 133.90 for time being.
However, the trading activity here is subsequent of the broader bearish trend from the 147 handle and the 130.00 level remains as a view point for lower levels yet. Chief analyst, Karen Jones at Commerzbank, outlook is for a slightly longer term time frame sees losses to 128.52/34, the 200-month moving average and 38.2% retracement of the move up from 2012. "We note the divergence of the daily RSI."