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EUR/JPY performing on the bid above 200 SMA

FXStreet (Guatemala) - EUR/JPY is currently trading bat 135.20 with a high of 135.39 and a low of 134.11.

EUR/JPY has risen up and scored through the 200 SMA on the hourly sticks at 135.21in an extension of the move from below the 50 SMA at aforementioned lows on the same time frame. The Yen has been shunned with USD/JPY trading as high as 121.24, through the 200 DMA at 120.80 and is set for a positive close for the week.

At the same time, EUR/USD has rallied from the 20 SMA towards 1.12 again and keeps the cross buoyed. There were big gains across the board in the European market and US equities are also currently in the green making gains on the week.

EUR/JPY levels

Technically, however, Karen Jones, chief analyst at Commerzbank explained that the 55 day moving average at 135.99 it should cap, though."We still view the market as having topped and look for a slide back to the 132.24/131.80 recent low and 61.8% retracement."

"Slightly longer term we remain negative and we target the 2013-2015 support line at 127.59. Initial support is at 131.80, then at the 129.28 78.6% Fibonacci retracement of the April-to-June rise."

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