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3 Jun 2015
EUR/JPY: 140 in check while consolidating
FXStreet (Guatemala) - EUR/JPY is currently trading at 138.30 with a high of 138.47 and a low of 138.28.
There has been some market optimism around the Greek deal and on the back of EZ CPI's also, the euro has been a strong performer while EUR/JPY moved up to current consolidation zone on the bid through a series of stops. Meanwhile, we have data coming up from Japan in Markit services PMI for May while the prior was 51.3 and also Markit composite PMI for May where previous was 50.7.
Technically, a full recovery of the Feb losses this year has been crystallised on overnight activity and 140.00 is back in to the picture. However, Karen Jones, chief analyst at Commerzbank explained that the Elliot wave count on the weekly chart is found at 139.05 and they are alert to initial failure in this zone.
There has been some market optimism around the Greek deal and on the back of EZ CPI's also, the euro has been a strong performer while EUR/JPY moved up to current consolidation zone on the bid through a series of stops. Meanwhile, we have data coming up from Japan in Markit services PMI for May while the prior was 51.3 and also Markit composite PMI for May where previous was 50.7.
Technically, a full recovery of the Feb losses this year has been crystallised on overnight activity and 140.00 is back in to the picture. However, Karen Jones, chief analyst at Commerzbank explained that the Elliot wave count on the weekly chart is found at 139.05 and they are alert to initial failure in this zone.