EUR/JPY weakness last week has been contained by support from its 13-day average and the 38.2% retracement of the rally from early May at 117.08/116.94 and this suggests the base remains in place and the overall risk still higher, per Credit Suisse. Commerzbank’s Karen Jones also sees the EUR/JPY trading higher. Key quotes “Above 118.00/09, EUR/JPY should add further weight to the view of a base to turn the focus back onto key resistance at the 50% retracement of the Q1 collapse at 118.53/63, above which can then see resistance next at the April highs at 119.01/04. With the falling 200-day average not far above at 119.26, we would expect this to cap at first.” “Near-term support is seen at 117.29/27. A close below 116.94 is needed to see the base negated, with support then seen next at 116.58/46.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD: Generally negative with a 12 month target at 1.07 – Danske Bank FX Street 3 years EUR/JPY weakness last week has been contained by support from its 13-day average and the 38.2% retracement of the rally from early May at 117.08/116.94 and this suggests the base remains in place and the overall risk still higher, per Credit Suisse. Commerzbank’s Karen Jones also sees the EUR/JPY trading higher. Key quotes “Above 118.00/09, EUR/JPY should add further weight to the view of a base to turn the focus back onto key resistance at the 50% retracement of the Q1 collapse at 118.53/63, above which can then see resistance next at the April highs at 119.01/04. With the falling… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
