EUR/JPY finds support at 125.20

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The euro is about to end the day with a 100-pips decline against the Japanese yen. EUR/JPY dropped from 126.80 and it found support above the 125.20 area. During the American session it moved in a range and near Wall Street closing bell it was trading at 125.80.

    It is the third daily decline in a row for EUR/JPY, that dropped from 1-month highs above 128.00 that reached last week to the lowest in 12 days. Also it dropped back under the 20-day moving average for the first time since March 9.

    The yen was the best performer in the currency market on Tuesday favored by risk aversion, boosted by the decline of USD/JPY that dropped to the lowest in more than a year.

    EUR/JPY technical levels

    To the upside, resistance levels might lie at 125.85 (European session high /20-hour moving average), 126.25 (Mar 22 & 23 high) and 126.75 (Mar 29 & 30 low). On the opposite direction support could be seen at 125.20/25 (Mar 18 & 21, Apr 5 low), 124.65 (Mar 22 low) and 124.15 (Mar 7 & 8 low).
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