EUR/JPY fades a spike to hourly 200-SMA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bid tone surrounding the EUR/JPY cross weakened in the last hours, with the prices retreating from daily highs reached near hourly 200-SMA placed at 132.33.

    EUR/JPY supported at 132 levels

    Currently, the EUR/JPY pair trades 0.06% higher at 132.19, having tested hourly 200-SMA at 132.33. The EUR/JPY cross keeps the bid tone intact, although trimmed gains as the EUR/USD backed-off highs while the yen trades largely muted against the greenback.

    The renewed bid-wave seen in the EUR/USD pair appears to lose steam on the back of extension of gains in the European equities, and hence, drags the cross in the EUR/JPY lower. Meanwhile, the upcoming US macro-economic data is likely to provide fresh incentives on the pair.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 132.65 (20-DMA), above which it could extend gains to 133.48 (100-DMA). To the downside, the cross finds immediate support at 132.09/08 (10 & 50-DMA), below that 131.64/57 (daily S1/ Oct 29 Low), could act as a major support.
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