EUR/JPY attempts recovery beyond 130, will it sustain?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The cross in the EUR/JPY remains pressured, although attempts a tepid-bounce from near seven-month lows in a data-light European session.

    EUR/JPY heavy on JPY strength

    Currently, the EUR/JPY pair trades -0.23% lower at 130.07, recovering from fresh session lows struck at 129.89 at European open. The cross is taking the negative cues from a stronger yen while a minor bounce in the EUR/USD pair from 1.06 appears to aid the anaemic recovery in EUR/JPY.

    The recovery seen in the cross is expected to be short-lived as the USD bulls are expected to dominate today amid thin trades and low volatility on account of a Thanksgiving holiday in the US. The USD bulls jumped back into the game ahead of a spate of US fundamentals lined up for release later in the US session.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 130.57 (1h 100-DMA), above which it could extend gains to 130.78 (Nov 25 High). To the downside, the cross finds immediate support at 129.72 (Nov 25 Low), below that 129.50 (round number), could act as a major support.
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