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EUR/JPY better bid on weaker Yen, 127.20 tested

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The cross in the EUR/JPY is prolongs its upward trajectory for the fourth straight session and clocks fresh twelve-day highs above 127 handle in the Asian session.

    EUR/JPY supported above 50-DMA at 126.72

    The EUR/JPY pair trades +0.08% higher at 127.11, having printed fresh more than two-week highs at 127.20 in the last hour. The EUR/JPY cross remains better bid this session as the yen once again lost footing against the greenback, while the EUR/USD pair halted a minor corrective slide and regained 1.12 barrier and provided the much-needed impetus to the cross.

    The cross found support from a weaker yen after the Japanese economic releases came in mixed this Tuesday, with the household spending rising for the first time in six months in Feb, while the unemployment rate rose and the retail sales missed estimates. In the day ahead, focus remains on the US consumer confidence data and Fed Yellen’s speech in absence of significant macro releases from the Euroland.

    EUR/JPY Levels to consider

    The pair has an immediate resistance at 127.30/46 (Mar 11 High/ daily R2) and from there to 128.72 (100-DMA). On the flip side, support is seen at 126.81/72 (Daily Low/ 50-DMA) below which it could extend losses to towards 126.31/21 (Mar 27 Low/ 10-DMA).
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