EUR/JPY: Bids keep coming in to the euro

FXStreet (Guatemala) – EUR/JPY is currently trading at 135.88 with a high of 135.93 and a low of 135.63.

EUR/JPY is higher and having a look in at the 136 handle. EUR/USD has been a decisive drift to the upside on a recovery from supply of 1.0950. There is no clear reason behind the bid in the euro, market forces and traders staying with the flows only while some mildly weak US data overnight is supporting the major.

Fundamentally, the risks are mounting over Greece while the Yen is starting to be a concern for some Japanese officials with the rapid movements in the currency markets, and especially the Yen to a 13 year vs the greenback, were not conducive to Japan’s overall economic situation.

With 137.00 as a target on a recovery of 17th May slide, we have a bullish flag in development on the weekly. Karen Jones, chief analyst at Commerzbank explained that rallies are eroding the upside. “Key resistance remains 136.70/137.17 – the February high and 200 day ma. Overhead resistance is reinforced by the 50% retracement at 137.93 and the Elliot wave count on the weekly chart is found at 139.05 and we are alert to initial failure in this zone”.

EUR/JPY is currently trading at 135.88 with a high of 135.93 and a low of 135.63.

(Market News Provided by FXstreet)