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EUR/JPY extends recovery above 128.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/JPY staged a decent recovery on Thursday after four consecutive days of losses and hitting a fresh 8-month low at the beginning of the European session.

    EUR/JPY bottomed out at 126.77, but managed to change course and climbed more than 150 pips throughout the day to score a high of 128.24 during the New York trade, as demand for the yen tempered as risk aversion eased over the last hours.

    EUR/JPY levels to watch


    At time of writing, EUR/JPY is trading at 128.18, up % on the day, with immediate resistances lining up at 128.57 (100-hour SMA), 129.00 (psychological level) and 129.47 (Jan 5 high). On the flip side, supports could be faced at 126.77 (Jan 7 low), 126.27 (Apr 15 low) and 126.08 (Apr 14 low).
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