EUR/JPY deflates to 136.60 pre-European open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/JPY is returning to the mid-136.00s after being rejected from the boundaries of 137.00the figure last Friday.

    EUR/JPY extends its upside bias

    The strong acceleration in EUR posted last Friday has helped the cross to reach multi-day tops in the 137.00 neighbourhood, although a sustainable breakout still remains elusive.

    In the meantime, risk appetite trends plus the omnipresent rumours regarding the likeliness of further easing by the BoJ by year end keeps capping any JPY bullish attempt.

    On the data front, the BoJ minutes are due tomorrow, followed by the final prints of September’s CPI in Germany and the ZEW Survey for the current month.

    EUR/JPY significant levels

    The cross is now retreating 0.02% at 136.57 with the next support at 136.12 (100d-sma) followed by 135.93 (55-day sma) and finally 135.31 (up trend from October low). On the flip side, a break above 136.97 (high Oct.9) would aim for 137.44 (monthly top Sep.17) and then 139.00 (monthly peaks Aug.21).
    For more information, read our latest forex news.

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