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EUR/JPY deflates to lows around 126.20

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Today’s softer tone around the single currency in combination with JPY-strength has sent EUR/JPY to lows near 126.20.

    EUR/JPY comes down from 127.30

    The cross met increasing selling pressure after the recent failed attempt to extend the break above the 127.00 handle on Friday, falling to the current area of 126.30 at the beginning of the week.

    With the ECB meeting in the rear-view mirror, market participants will now focus on the BoJ gathering due early tomorrow, with consensus expecting the central bank to remain ‘on hold’ following last month’s announcements.

    EUR/JPY relevant levels

    At the moment the cross is retreating 0.43% at 126.35 facing the next support at 124.95 (20-day sma) followed by 124.41 (23.6% Fibo of 132.30-121.98) and then 123.00 (low Mar.9). On the flip side, a break above 127.30 (high Mar.11) would expose 127.52 (55-day sma) and finally 129.60 (55-day sma).
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