EUR/JPY breaks below 129.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The euro weakened across the board erased gains versus the US dollar and the pound; while it dropped further against the yen as stocks in Wall Street turned positive.

    EUR/JPY broke below 129.00 and bottomed at 123.83, the lowest level since March 3. The pair remains near the lows with a bearish tone in the short term. Price has fallen below Friday’s lows, extending the correction from 125.60 (March 04 high).

    EUR/JPY capped by the 20-DMA

    The recovery from the 122.00 handle, the weakest level since 2013 was capped by 125.60, where the 20-day moving average currently stands. EUR/JPY appears to be now moving toward 2016 lows. But if it manages to climb and consolidate above 125.60 it could remove some weakness.

    To the downside, before 2016 lows, support levels might lie at 123.00/05 (Feb 23 & Mar 3 low) and then 122.45 (Feb 24 low).
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