Back
15 Apr 2015
EUR/JPY: Rally short lived; consolidating in bearish trend
FXStreet (Guatemala) - EUR/JPY is currently trading and consolidated at 127.21 with a high of 127.25 and a low of 127.12 in Asia following a strong uptrend overnight.
EUR/JPY is flat as we cross over to Asia, after a strong surge to the upside on the back of US market activity when the greenback was kicked off the pitch. Markets shunned the dollar on the back of the IMF downgrading the economic outlook for the US, weighed by bad weather and most of all, the impact that oil prices will have on the global economy effecting the worlds largest economy to the downside.
The rally took off from the region of 126.40 while we are trading in June 2013 territory still. The downside is still very much in play with only 127.69 reached, below the recent 127.80 double top mark. EUR/JPY is technically bearish while below the recent highs of 131.30 / 131.52 and the March 18 high at 131.67 and the February low at 132.00.
EUR/JPY is flat as we cross over to Asia, after a strong surge to the upside on the back of US market activity when the greenback was kicked off the pitch. Markets shunned the dollar on the back of the IMF downgrading the economic outlook for the US, weighed by bad weather and most of all, the impact that oil prices will have on the global economy effecting the worlds largest economy to the downside.
The rally took off from the region of 126.40 while we are trading in June 2013 territory still. The downside is still very much in play with only 127.69 reached, below the recent 127.80 double top mark. EUR/JPY is technically bearish while below the recent highs of 131.30 / 131.52 and the March 18 high at 131.67 and the February low at 132.00.