EUR/JPY challenges highs near 132.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The better tone of the European currency is bolstering the upside of EUR/JPY to the area of session highs around 132.80 on Monday.

    EUR/JPY bounces off 131.50

    The cross has recovered over a big-figure from post-Payrolls troughs near 131.50, helped by the lackluster results from the external sector in China, where the trade surplus has missed initial forecasts for the month of October, as well as Imports and Exports.

    In the data space, market participants have ignored German trade balance releases while the Sentix index is due later. On the Japanese side, Current Account figures are expected tomorrow ahead of the Eco Watchers Survey.

    EUR/JPY significant levels

    The cross is up 0.35% at 132.83 with the next resistance at 133.38 (61.8% Fibo of 136.44-131.49) followed by 134.45 (200-day ma) and then 134.65 (55-day sma). On the downside, a breach of 131.90 (6-month uptrend) would expose 131.49 (low Nov.6) and then 130.12 (low Jan.26).
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