EUR/JPY: Bulls in control above 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/JPY cross jumped from its 100-DMA support at 136.43 earlier today to print a session high of 136.80, after having taken out 50-DMA and 100-DMA resistance on Friday.

    Up for third consecutive session

    The upside breakout in the EUR/USD technical charts on Friday, ensured the bulls remain in control for the third consecutive session in early Europe today. Still, an upbeat action in the European equities is restricting the upside in the EUR pairs.

    Given the empty economic calendar, the focus is likely to remain on the sentiment on the stock markets. Erratic trading activity could be seen later today as volumes are likely to drop on account of a holiday in the US.

    EUR/JPY Technical Levels

    The immediate resistance is seen at 137.00, followed by a major hurdle at 137.44 (Sep 17 high). A break above the same would open doors for 137.98 (June 12 low). On the other side, support is seen at 136.44 (100-DMA) and 136.00 (hourly 50-MA), under which the pair could drop to 135.55 (hourly 100-MA).
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