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8 Jan 2015
EUR/JPY bears remain in control
FXStreet (Guatemala) - EUR/JPY has been capped into a cent range post the minor bounce from 140.55/32, the 55 week ma and the 200 day ma, currently trading at 141.27 and up 0.23% on the day.
In European trade, the EZ released data on confidence and PPI, while both of those were missing expectations and dampened the Euro yet again. However, better news came in the form of Retail Sales for the EZ. This jumped 0.06% in November, although this alone was not going to be enough to lift the cross out of the broader bearish short term trend.
The pair had managed a previous high at 141.77 on yesterday's business but supply took the cross back down slightly over a cent where the pair is now supported. Karen Jones, chief analyst at Commerzbank explained that she views that the market has recently topped just ahead of 150.00, and said short to medium, "The risk is now to the downside".
In European trade, the EZ released data on confidence and PPI, while both of those were missing expectations and dampened the Euro yet again. However, better news came in the form of Retail Sales for the EZ. This jumped 0.06% in November, although this alone was not going to be enough to lift the cross out of the broader bearish short term trend.
The pair had managed a previous high at 141.77 on yesterday's business but supply took the cross back down slightly over a cent where the pair is now supported. Karen Jones, chief analyst at Commerzbank explained that she views that the market has recently topped just ahead of 150.00, and said short to medium, "The risk is now to the downside".