EUR/JPY: hovers around the 120 handle with a bearish bias below 4hr 50 sma
|Currently, EUR/JPY is trading at 120.04, up 0.21% on the day, having posted a daily high at 120.33 and low at 119.70.
Weekend politics: Greece debt mounting and so too are investor's concerns
EUR/JPY has been sidelined without impetus fro the stock market with Wall street out on holiday today and takes its place around the 120 handle as investors weigh up the risks of pending elections from The Netherlands, France and Germany over the next months. The trend is bearish on such concerns with a thorn in its side being the Greek debt crisis all over again as explained in this week's weekend political news.
EUR/JPY levels
EUR/JPY is trading with a bearish bias below the 4hr 50 sma at 120.56. On the wide, the range has 123.71/124.08 (15th Dec high) as the top and the break-out point below is at 119.31 (8th Feb low) where analysts at Commerzbank explained, "Below 119.30 would introduce scope to the base of the cloud at 118.93/35 and the 50% retracement of the same move. This is stronger support and should contain the downside." To the upside, through 124.08, lies the 124.77 38.2% retracement (of the move down from 2014) and the 125.11 2015-2016 resistance line where the analysts expected to act as critical resistance/break up point."
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