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EUR/JPY bounces off 129.00, JPY trims gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/JPY is now coming back to the 129.60 area following the overnight trough near the 129.00 handle, as JPY is giving away part of the recent advance.

    EUR/JPY vulnerable as risk-off prevails

    The ongoing scenario of generalized risk aversion has prompted the cross to abandon the area of January highs around 132.30, correcting lower to the vicinity of 128.00 (Tuesday) backed by a solid demand for the safe haven Yen.

    Nothing worth mentioning data wise in Japan, whereas the European Commission is expected to release its Economic Growth Forecasts during the morning in the Old Continent.

    EUR/JPY relevant levels

    At the moment the cross is retreating 0.27% at 129.56 facing the next support at 128.27 (low Feb.9) followed by 126.73 (low Jan.7) and then 126.12 (low Jan.21). On the flip side, a break above 130.58 (55-day sma) would open the door to 131.94 (100-day sma) and finally 132.30 (monthly high Jan.29).
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