EUR/JPY advances beyond 131.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Despite the recent improvement in the shared currency, EUR/JPY remains in the red territory so far, hovering over the low-131.00s as the Asian session draws to a close.

    EUR/JPY in multi-month lows

    In spite of the bounce off recent troughs in the mid-130.00s, the cross keeps navigating levels last seen in late April, amidst persistent weakness surrounding the European currency in response to prospects of further easing by the ECB at its meeting next month.

    By the same token, market participants remain wary of the likeliness of additional stimulus by the Bank of Japan, particularly following the poor GDP figures during the third quarter.

    EUR/JPY significant levels

    The cross is losing 0.12% at 131.22 facing the next support at 130.65 (low Nov.16) ahead of 130.12 (low Jan.26) and finally 130.00 (psychological level). On the other hand, a break above 132.11 (23.6% Fibo of 137.01-130.59) would aim for 134.22 (200-day ma) and then 135.15 (100-day sma).
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