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EUR/JPY breaks below 127.00, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The buying interest around the Japanese currency has dragged EUR/JPY back below the 127.00 key support on Wednesday.

    EUR/JPY lower on JPY-buying

    Yesterday’s dovish remarks from Chairwoman J.Yellen has somewhat supported the demand for the Japanese Yen, sending the cross to post 2-day lows in sub-127.00 levels.

    On the data front Japanese advanced Industrial Production figures showed a 6.2% monthly contraction in February, more than initially estimated. Back to the euro area, EMU’s Economic Sentiment and German flash CPI/HICP for the current month will take centre stage later.

    EUR/JPY relevant levels

    At the moment the cross is retreating 0.35% at 126.84 facing the next support at 125.91 (20-day sma) followed by 124.41 (23.6% Fibo of 132.30-121.98) and then 123.00 (low Mar.9). On the flip side, a break above 127.45 (high Mar.29) would expose 128.35 (61.8% Fibo of 132.30-121.98) and finally 128.91 (100-day sma).
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