EUR/JPY drops below 127.00, JPY buying continues

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Japanese Yen continues to march ahead, pushing the EUR/JPY cross to a daily low of 126.87 levels in early Europe.

    Cross down 300-pips in two days

    The cross traded at 130 levels yesterday before the selling resumed. Talk of BOJ intervention yesterday failed to put a floor under the cross. Consequently, a fresh sell-off has taken the pair below 127.00 levels today.

    The major European index futures are trading moderately lower and that is keeping the bid tone around JPY intact. A corrective rally cannot be ruled out if the European stocks turn higher later today.

    EUR/JPY Technical Levels

    The immediate resistance is seen at 127.42 (Jan 22 low), above which the cross could target 128.56 (Jan 19 high). On the other hand, a break below 126.78 (Jan 7 low) would expose 126.16 (Jan 21 low).
    For more information, read our latest forex news.

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