7 Jul 2015
EUR/JPY downside opened after Greece's "no show"
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.59 with a high of 135.67 and a low of 133.51.
EUR/JPY is making fresh lows as the concerns over a Grexit are mounting and the Yen takes up its safe haven roll with the 122 handle under threat vs the greenback and the euro is down almost 1%.
EUR/JPY fundamentals and Greece stalling
The latest developments are very alarming, and you have to wonder how could things get so bad? Would you believe it? But, the Greek delegation turned up to the EU summit empty handed and without a concrete plan. Instead they said a new proposal maybe be available on Wednesday. There is a great sense of urgency from the Troika and time is running out, as explained once again by Dijsselbloem earlier who has also just suggested the new Greek requests could come as soon as later today. But are we holding our breath? However, the Eurogroup is desperate to keep Greece in the euro-project. French PM Valls was recently reported saying,"France is convinced that we can't take the risk of Greece leaving the eurozone." Meanwhile, a Greek newspaper, the Ekathimerini, reported, Brussels is considering three scenarios for Greece, as follows:
EUR/JPY technically
Karen Jones, chief analyst at Commerzbank, in respct of the downside, explained, "Key short term support is 133.10/57 May low and 50% retracement. Failure here will introduce scope to the 131.80/61.8% retracement then 129.28 the 78.6% retracement."
EUR/JPY is making fresh lows as the concerns over a Grexit are mounting and the Yen takes up its safe haven roll with the 122 handle under threat vs the greenback and the euro is down almost 1%.
EUR/JPY fundamentals and Greece stalling
The latest developments are very alarming, and you have to wonder how could things get so bad? Would you believe it? But, the Greek delegation turned up to the EU summit empty handed and without a concrete plan. Instead they said a new proposal maybe be available on Wednesday. There is a great sense of urgency from the Troika and time is running out, as explained once again by Dijsselbloem earlier who has also just suggested the new Greek requests could come as soon as later today. But are we holding our breath? However, the Eurogroup is desperate to keep Greece in the euro-project. French PM Valls was recently reported saying,"France is convinced that we can't take the risk of Greece leaving the eurozone." Meanwhile, a Greek newspaper, the Ekathimerini, reported, Brussels is considering three scenarios for Greece, as follows:
EUR/JPY technically
Karen Jones, chief analyst at Commerzbank, in respct of the downside, explained, "Key short term support is 133.10/57 May low and 50% retracement. Failure here will introduce scope to the 131.80/61.8% retracement then 129.28 the 78.6% retracement."