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EUR/JPY attempting break above 128.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/JPY cross recovered from the Asian session low of 127.43, and is now looking to take out offers around 128.00 handle amid stock market losses and upward revision of German and Eurozone PMI figures.

    Weak stocks support EUR

    Weakness in the European stock markets is keeping helping the common currency more than Japanese Yen. Consequently, the cross is looking to take out 128.00 hurdle. Meanwhile, upward revision of Eurozone and German PMI figure is being ignored.

    Ahead in the day, action in the equities could continue to guide the pair ahead of the US wage growth figures and payrolls release.

    EUR/JPY Technical Levels

    The immediate hurdle is seen at 128.22 (previous day’s high), above which the spot could target 128.75 (Jan 14 high) followed by 129.00 levels. On the other hand, a break below 127.43 (daily low) would expose support at 127.00 and 126.77 (Mar 29 low).
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