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EUR/JPY drops to near 131.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the JPY strengthened further in Europe, pushing the EUR/JPY to a session low of 131.03 before recovering slightly to 131.40 levels.

    Trading at two-week lows

    The pair fell to two-week lows after the BOJ event and extended losses on account of the risk-off mood in Europe. The cross ran into offers below 131.69 (23.6% of 149.79-126.10), but managed to recover from the low of 131.03 levels.

    Despite the slide, the probability of the pair ending higher on a weekly basis is still high, since the pair is still atleast 100 pips above the opening price of 131.02.

    EUR/JPY Technical Levels

    At 131.40, the immediate resistance is seen at 131.69 (23.6% of 149.79-126.10), above which the gains could be extended to 132.44 (Dec 14 low). On the other side, a break below 131.00 would expose 130.64 (Nov 16 low), under which the pair could test 130.00 levels.
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