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EUR/JPY moving against the fundamentals

FXStreet (Guatemala) - EUR/JPY is trading at 143.70, down -0.02% on the day, having posted a daily high at 143.81 and low at 143.59.

EUR/JPY has stalled at the 144.85 resistance and the downside is taking effect through the 144 handle while according to Karen Jones, chief analyst at Commerzbank, the daily Elliot wave count is suggesting a retracement to 140.75 prior to recovery. “Below 140.75/139.65 would trigger losses to the 138.00 61.8% retracement”. Meanwhile, fundamentals would go against this trend since the BoJ is relying on a weaker yen and more liquidity in the markets should favour such a task of keeping the yen lower.

EUR/JPY noteworthy levels

Spot is presently trading at 143.71, and next resistance can be seen at 143.74 (Hourly 20 EMA), 144.07, 144.20 144.60 and 144.85. Support below can be found at 143.66 (Daily Classic PP), 143.59, 143.14 (Hourly 100 SMA) and 142.96 (Daily Classic S1).

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