FXStreet (Guatemala) – EUR/JPY is currently trading at 136.10 with a high of 136.85 and a low of 136.02.
EUR/JPY is ending the week in the hands of the bears as we await the Greek referendum show down over this weekend and while we are in thin holiday markets with US out.
EUR/JPY price action
EUR/JPY has been better offered from 136.85 highs and a steady down drift to the aforementioned lows. There had been some demand and attempts through the 136.20 resistance but bulls bailed at 136.34 in a heavy environment with 136.08/10 supporting the downside.
EUR/JPY on Greece
The Yen is favoured in times of uncertainty, and there is plenty to be uncertain about and indeed the latest Greek referendum poll shows a close contest between Yes and No vote. Analysts at Credit Agricole offered how to trade the Greece Referendum.
EUR/JPY remains bearish
There is a bullish target zone for EUR/JPY of 140.70/141.06 and recent highs back in to the distance as the Yen continues to play out its safe haven roll and bringing 133.76 28 June lows back in to focus within April’s uptrend from 129.09. Karen Jones, chief analyst at Commerzbank explained that the market has recently seen a strong rally higher that has altered the Elliott wave counts to more positive. “The move has neutralised our outlook and the market is currently suggesting that we could see a retest of the 139.50 area, where we suspect it will fail and we will see further ranging.
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