EUR/JPY recovery stalling below 120 handle

Ross J Burland FXStreet

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."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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