EUR/JPY recovery stalling below 120 handle
|Currently, EUR/JPY is trading at 119.90, down -0.27% on the day, having posted a daily high at 120.42 and low at 119.70.
EUR/USD stays neutral/bearish near term – Scotiabank
EUR/JPY is reversing the drop from the 120 handle but is stalling in the 119.90's with EUR/USD struggling to hold form on the bid. EUR/USD has pulled back from the 1.09 handle is consolidating at 1.0850 with a bearish bias while testing the 50 sma on the hourly sticks. USD/JPY remains supported with multiple tests of 110.10/20. US stocks keep recovering and this also supports the cross within a slightly risk-on environment while markets remain concerned over Trump's ability to pass his plans to repeal the healthcare system.
Republicans still intend to repeal and replace Obamacare - McCarthy
USD/JPY bearish below 110.00 – UOB
EUR/JPY levels
Analysts at Commerzbank's near-term outlook for EUR/JPY is neutral:
- "EUR/JPY has reached the 5-month uptrend at 119.52 and this guards the 118.25 24th February low and the 116.92 2016 to 2017 uptrend. Intraday rallies are indicated to fail circa 120.40/75, although the intraday Elliot counts are now conflicting"
Their longer term outlook is neutral to positive:
- "Offered short term and needs to stay above 117.11 the 2016-2017 uptrend for the longer term positive bias to be maintained. Where are we wrong near term? Above the 4-month resistance line at 122.72. Initial resistance lies at 121.84, the 21st March high."
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