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EUR/JPY bears targeting 130.00 level

FXStreet (Guatemala) - EUR/JPY is trading at 137.15, down -0.09% on the day, having posted a daily high at 137.45 and low at 137.02.

Karen Jones, chief analysts at Commerzbank explained that EUR/JPY has been rejected by the 55 day moving average at 137.74, last week having failed below the current August high at 138.07. “We will retain our medium term bearish forecast while EUR/JPY remains below the next higher 138.79 late February low on a daily chart closing basis”. Karen Jones further added, that while this is the case we will continue to target the 23.6% Fibonacci retracement of the entire move from 2012-2013 at 133.50 en route to the 130.00 level. “Above 138.79, key resistance lies at 139.96/140.06, the March, April lows, June high and 2014 downtrend line”.

EUR/JPY hourly levels

With spot trading at 137.15, we can see next resistance ahead at 137.21 (Hourly 20 EMA), 137.29 (Hourly 200 SMA), 137.29 (Daily 20 SMA) and 137.35 (Daily Classic PP). Support below can be found at 137.01 (Daily Classic S1) and 136.98 (Weekly Classic S1).

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