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18 Mar 2014
EUR/JPY en route to 142.00 and beyond...
FXStreet (Bali) - EUR/JPY continues to grind higher in Asia, aiming to retest the 141.95 high printed in the last US session.
Technically, the EUR/JPY saw a consolidation circa 141.00 in early Monday, however, once Europe came online, and following an initial retest of 141.00 psychological level, trader rolled off their sleeves to bids the pair to the boots, breaking a descending trendline deriving from March 13 at 141.60.
Once the break was confirmed, a backwards bounce retesting the broken trendline ensued, with the touch acting as a launchpad for price to resume the recovery towards a potential measured target of 142.15, 161.8% fib extension from March 14 range.
Asia equities are tracking gains from Wall Street, with the Japanese benchmark index (Nikkei 225) opening up 1.4%, and undoubtedly underpinning Yen crosses.
Technically, the EUR/JPY saw a consolidation circa 141.00 in early Monday, however, once Europe came online, and following an initial retest of 141.00 psychological level, trader rolled off their sleeves to bids the pair to the boots, breaking a descending trendline deriving from March 13 at 141.60.
Once the break was confirmed, a backwards bounce retesting the broken trendline ensued, with the touch acting as a launchpad for price to resume the recovery towards a potential measured target of 142.15, 161.8% fib extension from March 14 range.
Asia equities are tracking gains from Wall Street, with the Japanese benchmark index (Nikkei 225) opening up 1.4%, and undoubtedly underpinning Yen crosses.