Back
10 Dec 2014
EUR/JPY contained by descending resistance
FXStreet (Guatemala) - EUR/JPY is trading at 147.32, down -0.45% on the day, having posted a daily high at 148.28 and low at 147.13.
EUR/JPY is tracking its peers across yen crosses while the greenback continues along on its back foot with plenty of supply going around and global risks concerns favouring the yen. We have the descending resistance line containing any demand on, say, the EUR breaking up through 1.2400.
The main risk events ahead are with the Japanese snap elections on Sunday, FOMC next week now the Greek presidential elections that may trigger a snap election early next year. “A disappointing election result for PM Abe would certainly deflate optimism in ‘Abenomics’ for 2015 and prompt a further sell-off in USD/JPY” – according to Derek Halpenny, analyst at The Bank of Tokyo-Mitsubishi UFJ, Ltd.
EUR/JPY noteworthy levels
Current price is 147.33, with resistance ahead at 147.65 (Weekly Classic S1), 147.68 (Hourly 20 EMA), 147.90 (Daily Classic PP) and 147.98 (Daily Open). Next support to the downside can be found at 147.13 (Daily Low), 146.89 (Daily Classic S1), 146.80 (Yesterday's Low), 146.58 (Daily 20 SMA) and 146.07 (Weekly Classic S2).
EUR/JPY is tracking its peers across yen crosses while the greenback continues along on its back foot with plenty of supply going around and global risks concerns favouring the yen. We have the descending resistance line containing any demand on, say, the EUR breaking up through 1.2400.
The main risk events ahead are with the Japanese snap elections on Sunday, FOMC next week now the Greek presidential elections that may trigger a snap election early next year. “A disappointing election result for PM Abe would certainly deflate optimism in ‘Abenomics’ for 2015 and prompt a further sell-off in USD/JPY” – according to Derek Halpenny, analyst at The Bank of Tokyo-Mitsubishi UFJ, Ltd.
EUR/JPY noteworthy levels
Current price is 147.33, with resistance ahead at 147.65 (Weekly Classic S1), 147.68 (Hourly 20 EMA), 147.90 (Daily Classic PP) and 147.98 (Daily Open). Next support to the downside can be found at 147.13 (Daily Low), 146.89 (Daily Classic S1), 146.80 (Yesterday's Low), 146.58 (Daily 20 SMA) and 146.07 (Weekly Classic S2).