EUR/JPY: Bulls fighting for 133 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/JPY cross is seen struggling to regain 133 handle, with the bulls jumping back on the bids in the mid-European trades.

    EUR/JPY: Doji formed on daily charts

    Currently, the EUR/JPY pair trades 0.14% to 132.88, recovering from fresh session lows struck at 132.75 in last hours. The prices failed to sustain at higher levels and now remains capped below 133 barrier as the shared currency gave away partial gains against its US counterpart amid renewed buying interest in the European stocks.

    While the fresh attempt to reclaim 133 area remains supported by a muted yen versus the greenback as risk-off sentiment fades on the back of upbeat Euro zone PMI readings.

    In the day, the cross will be influenced by the sentiment on the Wall Street and the US ISM manufacturing PMI report. Besides, FOMC member Williams speech will be closely eyed for any hint on a Dec Fed rate hike.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 133/133.11 (round number + Today’s High), above which it could extend gains to 133.40/59 (Oct 30 & 28 High). To the downside, the cross finds immediate support at 132.73 (5-DMA), below that 132.50/49 (psychological levels + daily S3), could act as a major support.
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