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EUR/JPY: Bulls retain control above 136

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/JPY cross keeps its upbeat momentum intact in the mid-European session, extending gains for the second session and holds above 136 handle.

    Trades above most major Mas on daily sticks

    Currently, the EUR/JPY pair gains 0.18% to 136.23, easing-off four-day highs posted at 136.39 in early moves. The cross in the EUR/JPY remains well bid and trades around hourly 10-SMA, mainly driven the persisting weakness in the Japanese yen versus the US dollar, as markets speculate BOJ to unveil fresh stimulus next week to combat slowing economic activity.

    While mild gains in the EUR/USD pair also contributes to the upmoves in EUR/JPY amid a better risk sentiment and lack of fresh fundamental triggers.

    Hence, the focus now shifts towards the ECB meeting scheduled tomorrow for further insights on the prospects for QE expansion/extension.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 136.39/42 (Today’s High & daily R1), above which it could extend gains to 136.85 (daily R2). While to the downside, the cross finds immediate support at 136 (h1 200-SMA + round number) below that 135.75 (h1 50-SMA), could act as a major support.
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