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4 Jun 2015
EUR/JPY: 140.70 in bull's sights
FXStreet (Guatemala) - EUR/JPY is currently trading at 140.02 with a high of 140.12 and a low of 139.97.
EUR/JPY moved up a notch to consolidate around the psychological 140 handle and moves over to early Asia in heavily overbought conditions with RSI (14) way through 80. Fundamentally, the cross is riding the EZ's conditions and volatility is to be expected with various goings on from Greece and the forever changing sentiment there and just today the euro rallied, driving the cross higher, while Draghi allowed for higher yields driving the euro higher as there are were intentions to slow up on the QE.
Technically, the cross today exceeded key resistance and Karen Jones, chief analyst at Commerzbank explained, "For now we will assume while dips hold over the 134.51 uptrend, an upside bias will persist for gains to 140.70, the 61.8% retracement of the move down from December."
EUR/JPY moved up a notch to consolidate around the psychological 140 handle and moves over to early Asia in heavily overbought conditions with RSI (14) way through 80. Fundamentally, the cross is riding the EZ's conditions and volatility is to be expected with various goings on from Greece and the forever changing sentiment there and just today the euro rallied, driving the cross higher, while Draghi allowed for higher yields driving the euro higher as there are were intentions to slow up on the QE.
Technically, the cross today exceeded key resistance and Karen Jones, chief analyst at Commerzbank explained, "For now we will assume while dips hold over the 134.51 uptrend, an upside bias will persist for gains to 140.70, the 61.8% retracement of the move down from December."