EUR/JPY: 400-pip rally stalled near 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The 400-pip rally in the EUR/JPY seen on Thursday appears to have run out of steam at the 200-DMA located at 134.08 levels.

    Hovers around 50% fib

    The cross currently trades around 133.77 (50% of 126.095-141.055). The pair recovered from the low of 133.32, but the gains recovery remains capped around 133.80. The focus is now on the US NFP report due in a few minutes.

    Irrespective of the data and the resulting moves in the FX markets, the cross appears poised to end the week higher, since it is trading at least 350 pips higher than its weekly open.

    EUR/JPY Technical Levels

    The immediate resistance is seen at 134.08 (200-DMA), above which the gains could be extended to 134.61 (100-DMA). On the other side, support is seen at 133.19 (50-DMA) and 132.23 (Sep 4 low).
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