EUR/JPY fails to hold above 129.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - As most pairs in the FX market, EUR/JPY entered a phase of consolidation over the last hours as investors remain sidelined ahead of the US nonfarm payrolls report.

    The Japanese yen retreated across the board as risk aversion eased following a positive performance of the Chinese equity markets and a stabilization of the yuan. EUR/JPY briefly rose above the 129 mark and hit a fresh 3-day high of 129.08 before settling in a range between 128.45-128.90 over the last hours. At time of writing, the pair is trading at 128.53, virtually unchanged on the day.

    EUR/JPY levels to watch

    As for technical levels, immediate resistances are seen at 129.08 (Jan 8 high), 129.47 (Jan 5 high) and 130.00 (psychological level). 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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