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12 Dec 2014
EUR/JPY downside fully exposed
FXStreet (Guatemala) - EUR/JPY is trading at 147.74, up 0.17% on the day, having posted a daily high at 148.19 and low at 146.95.
EUR/JPY has dropped through the 148 handle, resisted at 148.20 and moved into a very congested zone after the rebound from the 147.00 level. The cross remains in negative territory below 148.80/00 while Karen Jones, chief analyst at Commerzbank noted that the market recently charted a new high at 149.79 and this was accompanied by a major divergence of the daily RSI.
“The market has failed just ahead of the psychological 150.00 level. The accelerated uptrend has been eroded and this leaves key support at 145.68 exposed (December 2013 peak). Failure here will target the 142.84 2 month support line”.
EUR/JPY has dropped through the 148 handle, resisted at 148.20 and moved into a very congested zone after the rebound from the 147.00 level. The cross remains in negative territory below 148.80/00 while Karen Jones, chief analyst at Commerzbank noted that the market recently charted a new high at 149.79 and this was accompanied by a major divergence of the daily RSI.
“The market has failed just ahead of the psychological 150.00 level. The accelerated uptrend has been eroded and this leaves key support at 145.68 exposed (December 2013 peak). Failure here will target the 142.84 2 month support line”.