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EUR/JPY consolidates near 7-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/JPY managed to move off fresh 7-month lows scored on Monday, but the recovery lacked follow-through and entered a consolidation phase just above the 131.00 level.

    Despite having recovered from a low of 130.63, the upside has remained capped by 131.80 as the euro failed to stage a steeper comeback amid speculations the ECB could extend its quantitative easing (QE) program at its December meeting.

    EUR/JPY levels to watch

    At time of writing, EUR/JPY is trading at 131.60, up 0.18% on the day. In terms of technical levels, next supports are seen at 131.10 (Nov 18 low), 130.63 (Nov 16 low) and 130.24 (Apr 29 low). On the other hand, resistances could be faced at 131.79 (Nov 17 high), 132.00/02 (psychological level/10-day SMA) and 132.20 (Nov 16 high).
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