The Euro
versus the Yen has been quite volatile during today’s session. At the beginning
of the day the Yen weakened due to a rise in the Nikkei, which has a negative
correlation with the Yen. That is why we saw that the EUR/JPY broke above the
135.00 level and came very close to touching yesterday’s high around the 135.61
level. From that point, the pair started to drop after the testimony by Janet
Yellen and came back to the 135.00 to break below it. But the price is trying
to make a correction and if it visits the 135.00 level one more time, the zone
could become a good resistance. A bounce to the downside from that level is
possible, so let’s be attentive.
Excellent Analysis! Thanks.
ReplyDeleteI agree with you. Well spoted!
ReplyDeleteLooks like a bearish flag!
ReplyDeleteGood analysis, I agree with your point of view.
ReplyDeleteNo clear directions.
ReplyDeleteConsolidation continues.
ReplyDeletegreat analysis.
ReplyDeleteWhats going to happen next I wonder?
ReplyDelete