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EUR/JPY drops back below hourly 200-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/JPY cross keeps the offered tone intact as we head towards early Europe, having failed to resist above 124 handle.

    EUR/JPY breaches 5-DMA support at 123.79

    The EUR/JPY pair trades -0.18% lower at 123.68, hovering within a striking distance of fresh session lows struck at 123.61 few minutes ago. The cross remains under pressure as it face double whammy from the weakness seen in the EUR/USD on one hand, while the gains in the yen versus the US dollar on the back of a minor-correction, weighs on the other hand.

    Markets have largely ignored the prevalent risk-on sentiment and now await fresh fundamental triggers in the day ahead for further momentum on the prices. The US ADP employment data remains the main highlight today.

    EUR/JPY Levels to consider

    The pair has an immediate resistance at 124 (round number/ 1h 200-SMA), above which 124.66/70 (Feb 29 High/ daily R1) would be tested. On the flip side, support is seen at 123.15/123 (1h 50-SMA/ psychological levels) below which it could extend losses to towards 122.41/40 (Feb 24 & 29 Low).
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