EUR/JPY breaches below 132.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The increasing weakness around the euro has dragged EUR/JPY to fresh lows in the 131.80 area.

    EUR/JPY supported at 131.80

    The cross has seen its downside renewed as the selling pressure around EUR is gathering traction during the European afternoon. The down move, however, seems to have found decent support around 131.80 so far, leaving the cross meandering around the 132.00 neighbourhood.

    Ahead in the session, the EcoFin meeting will take centre stage, although market participants remain skeptical regarding its ability to weigh on markets.

    EUR/JPY significant levels

    The cross is losing 0.38% at 131.95 and a breach of 131.49 (low Nov.6) would aim for 130.12 (low Jan.26) ahead of 128.43 (161.8% Fibo extension of 136.44-131.49). On the other hand, the next up barrier lines up at 133.38 (61.8% Fibo of 136.44-131.49) followed by 134.44 (200-day ma) and then 135.44 (100-day sma).
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