Back
26 Feb 2015
EUR/JPY: Short term correction done?
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.68 with a high of 135.37 and a low of 133.54.
EUR/JPY is consolidating the losses, meeting last week's lows where bulls are looking for a double bounce with a target on the 136 handle and recent highs. The drop may be confirming however that the short term correction higher is complete.
Karen Jones, chief analyst at Commerzbank explained that for the past 3 weeks the cross has been correcting higher and appears to have halted well ahead of the 38.2% retracement at 137.65 and well ahead of the 200 day moving average at 139.34. "It is viewed as nothing more than an ‘a-b-c’ correction. This leaves our longer term negative bias intact."
EUR/JPY is consolidating the losses, meeting last week's lows where bulls are looking for a double bounce with a target on the 136 handle and recent highs. The drop may be confirming however that the short term correction higher is complete.
Karen Jones, chief analyst at Commerzbank explained that for the past 3 weeks the cross has been correcting higher and appears to have halted well ahead of the 38.2% retracement at 137.65 and well ahead of the 200 day moving average at 139.34. "It is viewed as nothing more than an ‘a-b-c’ correction. This leaves our longer term negative bias intact."