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EUR/JPY breaks below 127.00, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The bid tone around the Japanese currency is prompting EUR/JPY to slip further below the 127.00 mark, or daily troughs.

    EUR/JPY weaker on JPY-buying

    The now increasing risk aversion is encouraging market participants to intensify the demand for the safe haven JPY, dragging the cross to the lower bound of the range in the 126.70 area.

    Nothing is expected data wise in the euro area today, whereas key trade balance figures are due in the Japanese economy early tomorrow. Consensus sees the trade deficit at ¥680.2 billion in January, with imports and exports still in the negative territory.

    EUR/JPY relevant levels

    At the moment the cross is retreating 0.15% at 126.77 facing the next support at 126.37 (low Feb.12) followed by 125.77 (low Feb.11) and then 124.96 (monthly low Jun.2013). On the flip side, a break above 128.19 (high Feb.16) would expose 129.15 (20-day sma) and finally 130.28 (55-day sma).
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