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EUR/JPY: Bulls extending recovery on key support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The cross in the EUR/JPY extends its gradual recovery mode in mid-Asia, with the bulls clings clinging onto the strong support located near 135.30 region, the confluence of 20 & 50-DMA.

    EUR/JPY bid on EUR recovery

    Currently, the EUR/JPY pair gains 0.08% to 135.46, unable to extend beyond 135.50 in last hours. The EUR/JPY cross keeps pushing higher in Asia, having found fresh bids just ahead of 135 handle on several occasions, while the broad based recovery in the shared currency continues to underpin.

    While the dollar-yen pair trades in narrow ranges around 119.50 levels, awaiting fresh macro data from the US in the day ahead. While Fed speaks, including the speech from Fed chair Yellen will be closely heard for any hint over the timing of the Fed rate-hike.

    EUR/JPY Technical Levels

    To the downside, the cross finds immediate support at 135.29/33 (Today’s Low & 20, 50-DMA) below that 135.02/135 (Oct 19 Low & round number), could act as a major support. While, to the upside, the next resistance lies at 135.71/85 (hourly 100 & 200-SMA), above which it could extend gains to 136 (psychological levels).
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