EUR/JPY challenges highs near 124.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The now bid tone around the common currency is prompting EUR/JPY to re-visit the area of daily highs near 124.80.

    EUR/JPY finds support around 124.00

    After a brief test of the 124.00 area during overnight trade, the cross has managed to pick up pace and advance to the proximity of 124.80 backed by a renewed offered tone surrounding the Japanese currency.

    Absent events in the euro area and Japan ahead in the session, February’s US Non-farm Payrolls will take centre stage, with prior surveys pointing to a creation of 190K jobs during last month.

    EUR/JPY relevant levels

    At the moment the cross is advancing 0.11% at 124.70 and a break above 125.77 (20-day sma) would aim for 125.91 (38.2% Fibo of 132.30-121.98) and finally 128.19 (high Feb.16). On the other hand, the next support aligns at 122.41 (low Feb.24) followed by 121.98 (2016 low Mar.1) and then 119.96 (monthly low Apr.2013).
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