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EUR/JPY coming down to test 127.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The current weakness around the single currency is dragging EUR/JPY to test fresh lows in the 127.00 neighbourhood on Wednesday.

    EUR/JPY in 9-month lows

    The cross is losing ground for the fourth consecutive session today, trading in levels last seen in April 2015 around the 127.00 handle amidst a persistent environment favouring the risk aversion.

    Data wise in Euroland, Services PMIs in Germany and the euro area have surpassed expectations during December, albeit the news has passed unnoticed to traders.

    EUR/JPY key levels

    As of writing the cross is losing 0.67% at 127.11 facing the next support at 126.05 (2015 low Apr.14) followed by 124.96 (low Jun.13 2013) and then 119.06 (low Apr.3 2013). On the other hand, a breakout of 131.98 (55-day sma) would expose 133.22 (downtrend from 139.09) and finally 134.32 (200-day sma).
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