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EUR/JPY remains on the bid on positive Asian open

FXStreet (Guatemala) - EUR/JPY is currently trading at 134.66 with a high of 134.77 and a low of 134.41.

Following a positive start on the Asian bourses for the week, EUR/JPY remains on the bid and continues along October's ascending trend supported by the ascending 20 MA. The euro has staged a strong bid vs the greenback last week on the back of the dismal Nonfarm Payrolls, taking the cross on a bullish march, and regardless of the greenback clawing back losses the cross has remained above the 200 SMA on the hourly sticks which is at 134.26 today.

The week ahead see's the FOMC minutes as well as activity from the ECB and a speech from Draghi. Analysts at Rabobank recently explained that the recent EZ CPI report in addition to the news of a disappointing rise in German unemployment undoubtedly has increased the case in favour of more policy action from the ECB.

EUR/JPY near term and longer term levels

Technically, the price is sustaining the recovery from recent lows of the downtrend from the 137 handle. The key target will be the 20 DMA on the 135 handle ahead of 135.80. However, Karen Jones, chief analyst at Commerzbank recently explained that they remain negative longer term and they target the 2013-2015 support line at 127.65. 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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