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EUR/JPY dropped to Fib support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The sharp sell off in the EUR post the US data release pushed the EUR/JPY cross to 131.68 (23.6% of Aug 2014-Apr 2015 drop).

    Poised for 5th straight week of loss

    The EUR/JPY cross now appears poised to end lower for the fifth straight week. The cross clocked a low of 131.57 after the EUR/USD tanked on a sharp upward revision of the previous month’s US retail sales control group.

    Meanwhile, the USD/JPY pair remained largely unchanged, thereby leading to a sharp drop in the EUR/JPY pair. As of now the pair is trading around 131.74 levels.

    EUR/JPY Technical Levels

    The immediate resistance is located at 132.31 (10-DMA), followed by a hurdle at 132.78 (Nov 10 high), above which the gains could be extended to 133.19 (Nov 9 high). On the other side, support is seen at 131.68 (23.6% of Aug 2014-Apr 2015 drop), under which the pair could drop to 131.00 levels.
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