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EUR/JPY drops to fresh 33-month low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/JPY pair surrendered gains and dropped to 124.88; the lowest since May 2013 as EUR selling gathered pace following a weaker-than-expected PMI releases.

    Offered at 125.56

    The cross ran into offers at 125.56 as the positive action in the equities and the dismal Eurozone and German PMI figures scared the investors out of the EUR positions. The EUR/USD pair chewed through bids around 200-DMA to trade almost 1% lower.

    Meanwhile, the USD/JPY pair ticked 0.5% higher. Consequently, the EUR/JPY cross suffered losses. The pair currently trades around 124.90 levels.

    EUR/JPY Technical levels

    The immediate support is seen at 124.00, under which the cross could drop to 123.32 (Apr 2011 high). On the other hand, a break above 125.45 (hourly 50-MA) would open doors for a rally to 126.09 (Apr 2015 low).
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