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Flash: EUR/JPY movement above 133.00 needed to allay correction concerns – ANZ

FXstreet.com (Barcelona) - The loss of upside impulsive moves as the EUR/JPY gyrates around 132.00-25 (50% of post 2008 range) with rolling momentum raise the risk of broader corrections.

According to the ANZ Research Team, “A sustained move above 133 is needed to counter these growing concerns and also to rekindle potential for a push into the 138-141 target zone. Dips now ought to hold the 129.60-130.40 area (stops below 127.70).”

Last week’s “outside” range (previous week had a very tight range) increases concerns over waning weekly momentum. Nevertheless, the trend remains intact. As noted, a close above 133 should rekindle potential for trend extensions to the 138-141 area. Given the conflict between retracement risks and trend resilience, a close outside of the tight 130-133 range will be critical.

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