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14 Jan 2015
EUR/JPY back off the lows of the 137 handle
FXStreet (Guatemala) - EUR/JPY is currently trading at 137.82 with a high of 138.94 and a low of 137.01 and down 0.63% on the day.
EUR/JPY has been falling on a number of counts and makes new territory on the lower end of the 137 handle with 137.20 coming in as a fragile support. The ECB is around the corner and officials are sounding more and more dovish in respect of timings action required in the economy for looser policy while the Yen is carrying the risk off benefits and has recently surged higher vs the greenback on disappointments from the US calendar as well. Karen Jones, chief analyst at Commerzbank explained the Elliott wave count on the intraday chart is suggesting we allow for a retracement into the 141.45/142.56 band prior to another leg lower.
EUR/JPY has been falling on a number of counts and makes new territory on the lower end of the 137 handle with 137.20 coming in as a fragile support. The ECB is around the corner and officials are sounding more and more dovish in respect of timings action required in the economy for looser policy while the Yen is carrying the risk off benefits and has recently surged higher vs the greenback on disappointments from the US calendar as well. Karen Jones, chief analyst at Commerzbank explained the Elliott wave count on the intraday chart is suggesting we allow for a retracement into the 141.45/142.56 band prior to another leg lower.