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EUR/JPY minor recovery stalling, testing 134.00 downside

FXStreet (Guatemala) - EUR/JPY is currently trading at 134.02 with a high of 134.68 and a low of 133.15.

EUR/JPY has been better bid with a number of ECB officials speaking earlier today ahead of Draghi who was talking in parliament when he said the QE can be extended into 2016 if need be.

The Yen is softer across the board, with USD/JPY up back onto the 120 handle having penetrated the 200 SMA to reach 120.52 before meeting supply back down to test the 120 handle while EUR/USD has been a choppy affair on the various ECB chatter, trading within a narrow range between the first half of the 1.11 handle. Japanese markets return tonight after a long break.

EUR/JPY levels, headed for 133.10?

Technically, Karen Jones, chief analyst at Commerzbank explained that EUR/JPY came under increasing downside pressure yesterday following its recent failure to maintain a break of the 55 week ma, which lies at 137.04. "It has also failed at the 78.6% retracement at 137.55 and we view the market as having topped. We look for a slide back to 133.10 (end of May low) and then to the 132.24/131.80 recent low and 61.8% retracement. Intraday rallies are indicated to terminate circa 134.10/60. Beyond 134.60 initial resistance lies at 136.00 ahead of the 137.40 recent high."

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