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12 Mar 2015
EUR/JPY: Testing critical support and June 2013 territory
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.53 with a high of 129.00 and a low of 127.65.
EUR/JPY has failed to break through and onto the 129 handle. The euro is recovering on a minor bounce onto the 1.06 handle and off the bears target of 1.0500. However, profit taking only lasts so long and fundamentals have not changed.
Technically, EUR/JPY has sold off to the to the 200 month ma and Fibonacci retracement at 128.11/52 (38.2% retracement of the move up from 2012) as noted by Karen Jones, chief analyst at Commerzbank. Below here takes us into the June 2013 territory and lows not seen since then and comes as a string support line in a congested area.
EUR/JPY has failed to break through and onto the 129 handle. The euro is recovering on a minor bounce onto the 1.06 handle and off the bears target of 1.0500. However, profit taking only lasts so long and fundamentals have not changed.
Technically, EUR/JPY has sold off to the to the 200 month ma and Fibonacci retracement at 128.11/52 (38.2% retracement of the move up from 2012) as noted by Karen Jones, chief analyst at Commerzbank. Below here takes us into the June 2013 territory and lows not seen since then and comes as a string support line in a congested area.