EUR/JPY fails near 1h 200-SMA, back to 132.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the EUR/JPY surrender entire gains and fell back in the red around the mid-point of the 132 handle, as the shared currency extends losses versus its American counterpart.

    EUR/JPY hovers around 1h 10-SMA

    Currently, the EUR/JPY pair trades flat at 132.49, fading a spike to 132.66 highs. The cross faced rejection near the hourly 200-SMA placed at 132.69 and came under renewed selling pressure as the EUR/USD pair halted its correction and resumed the bearish momentum as we progress towards the US NFP release.

    On the other hand, losses in the yen against the greenback are providing some respite for the bulls. Meanwhile, the cross will continue to track the broader market sentiment ahead of the US payrolls.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 132.96/133 (Nov 4 High/ round number), above which it could extend gains to 133.40/59 (Oct 30 & 28 High). To the downside, the cross finds immediate support at 132.18 (Oct 30 Low), below that 131.92 (Oct 28 Low), could act as a major support.
    For more information, read our latest forex news.

Share This Page

free forex signals