Back
3 Mar 2015
EUR/JPY: Bearish moving into the ECB this week
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.86 with a high of 134.42 and a low of 133.67.
EUR/JPY has found some traction with a higher EUR/USD popping onto the 1.12 handle, although limited follow through there occurred which caps the cross for the time being. 134 is still off into the distance, however, not out of sight and intraday swings would allow for the level, especially with better performance from the eurozone economy of late and especially from Germany, with some analyst expecting core inflation to increase overall over the coming months. Retail Sales were good from Germany today, 2.9% vs 0.4% expected.
Overall, however, the broader trend is bearish into the ECB this week. Technically, Karen Jones, chief analyst at Commerzbank, explained that given last week's failure ahead of the 38.2% retracement at 137.65 and well ahead of the 200 day moving average at 139.26, their longer term negative bias is intact.
EUR/JPY has found some traction with a higher EUR/USD popping onto the 1.12 handle, although limited follow through there occurred which caps the cross for the time being. 134 is still off into the distance, however, not out of sight and intraday swings would allow for the level, especially with better performance from the eurozone economy of late and especially from Germany, with some analyst expecting core inflation to increase overall over the coming months. Retail Sales were good from Germany today, 2.9% vs 0.4% expected.
Overall, however, the broader trend is bearish into the ECB this week. Technically, Karen Jones, chief analyst at Commerzbank, explained that given last week's failure ahead of the 38.2% retracement at 137.65 and well ahead of the 200 day moving average at 139.26, their longer term negative bias is intact.