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EUR/JPY: Bulls struggle to extend beyond 134

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The cross in the EUR/JPY remains better in early Europe, mainly driven by persisting yen weakness across the board amid a favourable risk environment.

    EUR/JPY clings to hourly 20-SMA

    Currently, the EUR/JPY pair trades 0.06% higher at 133.98, heading towards daily highs posted at 134.13 in early Asia. The cross extends its side-trend into Europe with the extension of losses in EUR/USD capping the gains backed by stronger dollar-yen pair.

    Moreover, the cross fights hard to extend higher, although euro remained little changed following the release of upbeat German industrial production. Industrial output increased 0.2% in Oct, compared to a 1.1% drop in Sept. While the yen keeps losses versus the greenback after Kuroda’s speech.

    In the day ahead, the cross is likely to track the sentiment on the European stocks while Euro zone Sentix investor confidence data will be reported in an otherwise data-quiet EUR calendar.

    EUR/JPY Technical Levels


    To the upside, the next resistance lies at 134.31 (100-DMA), above which it could extend gains to 135.01 (200-DMA). To the downside, the cross finds immediate support at 133.81 (Today’s Low), below that 133.41 (5-DMA), could act as a major support.
    For more information, read our latest forex news.
     

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