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EUR/JPY fails near Tuesday’s high, back below 124

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/JPY cross is seen retreating from session tops, having met fresh supply near Tuesday’s high placed at 124.14.

    EUR/JPY trades below 10-DMA at 124

    The EUR/JPY pair trades 0.49% higher at 123.92, finding good support near 123.80 region. The cross keeps the bullish bias intact, although trims gains largely as the USD/JPY pair deflated from highs. While the EUR/USD pair continues to mire near lows around 1.0860 levels awaiting fresh momentum from the Euro area final services PMI reports.

    The cross remains strongly bid as the persistent risk-on market profile continues to diminish the safe-haven bids for the yen, keeping the Japanese currency suppressed across the board. In the meantime, the broader market sentiment will continue to dominate EUR/JPY moves, while the US data due later in the NA session will hog the limelight.

    EUR/JPY Levels to consider

    The pair has an immediate resistance at 124.10/14 (daily high/ Mar 1 High), above which 124.66/70 (Feb 29 High) would be tested. On the flip side, support is seen at 123.60 (1h 50-& 100-SMA/ daily pivot) below which it could extend losses to towards 123 (round number).
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