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EUR/JPY firmer, flirting with 133.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is catching bids ahead of the opening bell in Europe on Monday, lifting EUR/JPY above the 133.00 mark.

    EUR/JPY attention to data

    The cross is extending its bounce off recent lows in the mid-131.00s following the increasing offered tone in EUR. Absent relevant releases in the Japanese economy today, the final prints of the manufacturing PMI in the euro area are poised to be the main drivers of the price action during the European morning.

    The recent steady stance from the BoJ at its meeting on Friday have disappointed expectations of further easing by the central bank in order to achieve its inflation goal, lending some mild support to JPY.

    EUR/JPY significant levels

    The cross is now up 0.20% at 133.01 with the next resistance at 133.56 (50% Fibo of 126.05-141.07) followed by 134.49 (200-day ma) and then 135.03 (55-day sma). On the other hand, a break below 132.18 (monthly low Sep.8) would expose 131.79 (61.8% Fibo of 126.05-141.07) and finally 130.12 (low Jan.26).
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