EUR/JPY drops to 1-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The sharp decline of the EUR/USD pair during the American session pushed EUR/JPY sharply to the downside, as USD/JPY remained steady around 120.45.

    The euro fell to the lowest level in a week against the Japanese yen at 131.34; a few minutes before it was trading at 132.15. During the European session EUR/JPY attempted to rise above yesterday’s highs (132.45) but peaked at 132.36 and turned to the downside, accelerating when the US dollar rallied versus European currencies.

    EUR/JPY levels to watch

    EUR/JPY was trading below last week lows, still with a bearish tone. If it continues to slide the next support is seen at 131.00/05 (Dec 18 low) and then 130.60 (Nov 16 low). On the opposite direction resistance now could be located at 131.50 (Dec 23 low) and 132.60 (20-DMA).
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