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16 Sep 2015
EUR/JPY: a steep rally onto the 136 handle
FXStreet (Guatemala) - EUR/JPY is currently trading at 136.20 with a high of 136.33 and a low of 135.15.
EUR/JPY has rallied from the 135.20 mark to score the aforementioned highs as stocks advance. The euro is also string and the greenback gives back earlier gains in the week on poor CPI's leading into this week FOMC meeting.
EUR/JPY upside limited
Technically, Karen Jones, chief analyst at Commerzbank explained they continue to view the upside as limited, but loss of 134.80 will be needed to alleviate immediate upside pressure for a slide back to 133.10 and then to the 132.24/131.80 recent low and 61.8% retracement. "We target the 2013-2015 support line at 127.52 currently. Initial support will be the 131.80 then 129.28 Fibonacci retracements of the move seen this year."
EUR/JPY has rallied from the 135.20 mark to score the aforementioned highs as stocks advance. The euro is also string and the greenback gives back earlier gains in the week on poor CPI's leading into this week FOMC meeting.
EUR/JPY upside limited
Technically, Karen Jones, chief analyst at Commerzbank explained they continue to view the upside as limited, but loss of 134.80 will be needed to alleviate immediate upside pressure for a slide back to 133.10 and then to the 132.24/131.80 recent low and 61.8% retracement. "We target the 2013-2015 support line at 127.52 currently. Initial support will be the 131.80 then 129.28 Fibonacci retracements of the move seen this year."