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2 Feb 2015
EUR/JPY downside in favour below initial fib resistance
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.08 with a high of 133.60 and a low of 132.13.
EUR/JPY remains under pressure, with the euro not the traders choice of a buy and the Yen generally fending off the bears in a tentative market place.
The cross is however attempting to consolidate the downside, although capped at 133.65 and 134.35 and above here, Karen Jones, chief analyst at Commerzbank notes that initial Fibonacci resistance at 134.80 and say's near term strength is viewed as corrective only. "We continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012."
EUR/JPY remains under pressure, with the euro not the traders choice of a buy and the Yen generally fending off the bears in a tentative market place.
The cross is however attempting to consolidate the downside, although capped at 133.65 and 134.35 and above here, Karen Jones, chief analyst at Commerzbank notes that initial Fibonacci resistance at 134.80 and say's near term strength is viewed as corrective only. "We continue to look for losses to 128.52/34, the 200 month moving average and 38.2% retracement of the move up from 2012."