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EUR/JPY finds some respite near 123.50

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Japanese Yen is giving away some of its recent significant gains, allowing EUR/JPY to retake the 123.00 handle and beyond.

    EUR/JPY supported at 122.50

    The cross is currently snapping a 5-session negative streak, coming straight down after posting recent tops above the 128.00 mark during last week. A pick up in the risk aversion plus rumours of no-FX intervention by the BoJ have been lending extra support to the demand for JPY, exacerbating the downside sentiment.

    Today’s docket in Japan showed the Current Account surplus has climbed to a non-seasonally adjusted ¥2.43 trillion in February, surpassing both estimates and January’s print. Back to Euroland, German trade surplus has ticked higher to €19.8 billion in February, with both Exports and Imports outperforming consensus.

    EUR/JPY relevant levels

    At the moment the cross is gaining 0.32% at 123.50 facing the next resistance at 124.38 (38.2% Fibo of 121.98-128.26) followed by 126.09 (20-day sma) and then 126.68 (55-day sma). On the flip side, a break below 122.52 (low Apr.7) would open the door to 121.98 (2016 low Mar.1) and then 118.74 (2013 low Feb.25).
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