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18 Mar 2015
EUR/JPY: Downside trend eyes 126.00
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.68 with a high of 128.75 and a low of 128.46.
EUR/JPY is quiet ahead of the FOMC tomorrow that is likely to be the most significant event of the week and results will be traded through the yen and euro. USD/JPY is in no-mans land while in between breakout points of the familiar range that the major has been limited to since the 6th March's spike. Meanwhile, the euro has been kicked into touch and the downside below 1.05 threatens parity, limiting the crosses upside potential.
Technically, the cross is capped at 129.15, marking the topside of the consolidation that has taken place post the downtrend commencement at 135.98. Meanwhile, from a longer looking time frame, the cross is constructive and bearish having cleared over 50% of a retracement of the 170.00 downtrend. A break of 126.00 opens lays the path for 125.00 and 123.50.
EUR/JPY is quiet ahead of the FOMC tomorrow that is likely to be the most significant event of the week and results will be traded through the yen and euro. USD/JPY is in no-mans land while in between breakout points of the familiar range that the major has been limited to since the 6th March's spike. Meanwhile, the euro has been kicked into touch and the downside below 1.05 threatens parity, limiting the crosses upside potential.
Technically, the cross is capped at 129.15, marking the topside of the consolidation that has taken place post the downtrend commencement at 135.98. Meanwhile, from a longer looking time frame, the cross is constructive and bearish having cleared over 50% of a retracement of the 170.00 downtrend. A break of 126.00 opens lays the path for 125.00 and 123.50.