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EUR/JPY flirting with 133 ahead of Ifo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/JPY cross trims losses and struggles to extend beyond 133 handle, as market now await the German Ifo data for further moves.

    EUR/JPY supported at 132.80

    Currently, the EUR/JPY pair trades -0.29% at 133, reversing the drop to 132.80 session lows. The recovery in the EUR/JPY cross appears to remain capped as the yen caught a fresh bid tone against the greenback in last hours on the back of correction, after the recent weakness.

    Moreover, the losses in the EUR/USD pair also keep EUR/JPY submerged into red as the US dollar remains broadly higher after Wednesday’s Fed rate hike decision. Looking ahead, an improved Ifo headline figures may provide fresh impetus to the recovery in the cross.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 133.40 (daily high), above which it could extend gains to 133.87 (Dec 16 High). To the downside, the cross finds immediate support at 132.80 (daily low), below that 132.40 (Dec 14 Low), could act as a major support.
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