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EUR/JPY climbs back above 132.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/JPY continues to trade near 1-month highs ahead of the New York session, as the yen remains on the back foot after the Bank of Japan unexpectedly decided to cut its benchmark rate into the negative territory.

    EUR/JPY rallied to a 1-month high of 132.29, but faltered just ahead the 100-day SMA, although the subsequent pullback was short-lived and the pair is trading back above 132.00. At time of writing, EUR/JPY is trading at 132.14, recording a 1.67% daily gain.

    EUR/JPY technical levels


    In terms of technical levels, next resistances are seen at 132.40 (100-day SMA), 132.78 (Dec 22 high) and 133.77 (Dec 16 high). On the flip side, supports could be found at 130.57 (50-day SMA), 129.57 (Jan 29 low) and 128.80 (10-day SMA).
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