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31 Dec 2014
EUR/JPY consolidated through moves in the greenback
FXStreet (Guatemala) - EUR/JPY is trading at 144.98, down -0.22% on the day, having posted a daily high at 145.61 and low at 144.82.
EUR/JPY is consolidated through the greenback as its rallies against the Euro, printing new yearly lows into the 1.2000’s, and the Yen is punished back up towards 120.00 vs the US dollar.
Spikes over thin trading have been the theme over the last number of sessions of the year, but significantly, the spikes are hitting key technical levels that will be paid attention to when full markets return and maybe indicating the apatite for a stronger greenback into 2015. The EUR/JPY cross will also be affected by the domestic policies of the ECB and Abenomics for Japan and associated risk events such as the Greek elections and QE. This offers the Yen some support in an environment of weak fundamentals that are offset by the supportive impact of recurring periods of risk aversion, as Eric Theoret, Currency Strategist at Scotiabank explained.
Technically, however, EUR/JPY remains under pressure and changes hands in bearish territory. The cross is on course to test the 2-month support line at 143.90, as signified by Karen Jones, chief analyst at Commerzbank, and notes that the 55-day ma reinforces this at 142.78.
EUR/JPY is consolidated through the greenback as its rallies against the Euro, printing new yearly lows into the 1.2000’s, and the Yen is punished back up towards 120.00 vs the US dollar.
Spikes over thin trading have been the theme over the last number of sessions of the year, but significantly, the spikes are hitting key technical levels that will be paid attention to when full markets return and maybe indicating the apatite for a stronger greenback into 2015. The EUR/JPY cross will also be affected by the domestic policies of the ECB and Abenomics for Japan and associated risk events such as the Greek elections and QE. This offers the Yen some support in an environment of weak fundamentals that are offset by the supportive impact of recurring periods of risk aversion, as Eric Theoret, Currency Strategist at Scotiabank explained.
Technically, however, EUR/JPY remains under pressure and changes hands in bearish territory. The cross is on course to test the 2-month support line at 143.90, as signified by Karen Jones, chief analyst at Commerzbank, and notes that the 55-day ma reinforces this at 142.78.