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EUR/JPY finds support near 125.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The softer tone in the euro plus increasing demand for the Japanese currency is dragging EUR/JPY to the 125.20 area on Wednesday.

    EUR/JPY lower on risk aversion

    The cross is posting losses for the fourth consecutive session so far, retreating from last week’s tops just above 128.00 the figure along with a renewed selling mood around the single currency and a resurgence of the risk-off sentiment in the global markets.

    Nothing worth mentioning on the data front, while market participants seem to have bypassed recent rumours on the likeliness of further easing by the BoJ, likely to be announced at its next meeting.

    EUR/JPY relevant levels

    At the moment the cross is retreating 0.29% at 125.24 facing the next support at 124.61 (low Mar.24) followed by 124.38 (38.2% Fibo of 121.98-128.26) and then 123.00 (low Mar.9). On the flip side, a break above 126.42 (20-day sma) would expose 126.85 (55-day sma) and finally 128.26 (high Mar.31).
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