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1 Mar 2013
Forex: EUR/JPY bouncing off lows, around 120.70/75
After falling to the area below 120.50, the cross found buying interest that pushed the cross back to the 120.7-/75 region, in a context dominated by the increasing investors’ preference for safe havens.
“While would allow for a slight rebound from here, the recent sell off was damaging and we would allow for an extension of losses to 117.29 then 114.07, this is the 38.2% and 50% retracements of the move up from November”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/JPY is now losing 0.13% at 120.70 and a dip below the psychological level at 120.00 would then bring 119.22 (low Feb.27) and then 118.97 (low Feb.26).
On the upside, resistance levels line up at 121.82 (high Feb.28) followed by 122.25 (low Feb.21) and then 122.32 (Tenkan Sen line).
“While would allow for a slight rebound from here, the recent sell off was damaging and we would allow for an extension of losses to 117.29 then 114.07, this is the 38.2% and 50% retracements of the move up from November”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/JPY is now losing 0.13% at 120.70 and a dip below the psychological level at 120.00 would then bring 119.22 (low Feb.27) and then 118.97 (low Feb.26).
On the upside, resistance levels line up at 121.82 (high Feb.28) followed by 122.25 (low Feb.21) and then 122.32 (Tenkan Sen line).