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4 May 2015
EUR/JPY faces key levels around the consolidation
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.93 with a high of 134.73 and a low of 133.69.
EUR/JPY has been capped by the 38.2% Fibonacci retracement at 135.14 and now consolidates below the 134 the figure and support. The week ahead looks quiet for Japan with the holidays on golden week until Thursday while we will instead be entertained by a series of EZ events and of course the jobs report from the US at the end of the week which will be massive for EUR/USD.
Technically, above the 38.2% fibo lies the 136.70/137.39 February high and 200 day ma as noted by Karen Jones, chief analyst at Commerzbank. She explained, "The 55 week ma lies at 137.69 and we would expect to see the market struggle here." Meanwhile, Valeria Bednarik, chief analyst at Commerzbank explained that in the 4 hours chart the Momentum indicator turned sharply lower and is about to cross its mid-line towards the downside.
EUR/JPY has been capped by the 38.2% Fibonacci retracement at 135.14 and now consolidates below the 134 the figure and support. The week ahead looks quiet for Japan with the holidays on golden week until Thursday while we will instead be entertained by a series of EZ events and of course the jobs report from the US at the end of the week which will be massive for EUR/USD.
Technically, above the 38.2% fibo lies the 136.70/137.39 February high and 200 day ma as noted by Karen Jones, chief analyst at Commerzbank. She explained, "The 55 week ma lies at 137.69 and we would expect to see the market struggle here." Meanwhile, Valeria Bednarik, chief analyst at Commerzbank explained that in the 4 hours chart the Momentum indicator turned sharply lower and is about to cross its mid-line towards the downside.