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EUR/JPY: Consolidating in bearish territory, around 133.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/JPY cross remains pressured to the downside for the third day in a row on Monday, as the yen bulls retain complete control on the back of negative performance seen in the European markets.

    Trades below hourly 20-SMA

    Currently, the EUR/JPY pair loses -0.32% to 133.41, hovering close to fresh four-week lows struck last week at 133.33 levels. The cross in the EUR/JPY trades with sizeable losses mainly driven by strengthening yen versus the US dollar amid deteriorating risk sentiment and persisting weakness in the greenback.

    Moreover, the retreat in EUR/USD from near 1.1060 to 1.1030 levels also adds to the bearish pressures on the yen cross. Meanwhile, markets will now track the sentiment on the Wall Street and closely monitor the USD moves ahead of the US data due later today.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 133.92/134 (h1 50-SMA + round number), above which it could extend gains to 134.53 (200-DMA).To the downside, the cross finds immediate support at 133.11/133 Sept 23 Low + psychological levels), below that 132.51 (Sept 7 Low), could act as a major support.
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