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8 May 2015
EUR/JPY: Contained to the downside
FXStreet (Guatemala) - EUR/JPY is currently trading at 134.17 with a high of 135.46 and a low of 134.07.
EUR/JPY remains contained by the descending resistance line having taken out the 38.2% Fibonacci retracement at 135.14 recently. The euro and yen have both displayed some volatility today around the Nonfarm Payrolls, however, the greenback has remained firm and leaves the cross with a short term bias to the downside.
However the Elliott wave count on the daily chart is implying a retracement towards 132.20/131.25 ahead of another leg higher, as according to Karen Jones, chief analyst at Commerzbank. "The market remains bid while above here. We look for gains to the 136.70/137.35 February high and 200 day ma. The 55 week ma lies at 137.69 and we would expect to see the correction higher peter out ahead of here."
EUR/JPY remains contained by the descending resistance line having taken out the 38.2% Fibonacci retracement at 135.14 recently. The euro and yen have both displayed some volatility today around the Nonfarm Payrolls, however, the greenback has remained firm and leaves the cross with a short term bias to the downside.
However the Elliott wave count on the daily chart is implying a retracement towards 132.20/131.25 ahead of another leg higher, as according to Karen Jones, chief analyst at Commerzbank. "The market remains bid while above here. We look for gains to the 136.70/137.35 February high and 200 day ma. The 55 week ma lies at 137.69 and we would expect to see the correction higher peter out ahead of here."