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EUR/JPY flirting with lows near 131.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The now softer tone around the shared currency is driving EUR/JPY to the lower bound of the range near 131.50.

    EUR/JPY correcting from 132.00

    The cross is coming down after being rejected from overnight peaks in the boundaries of 132.00 the figure, following a re-emergence of the selling interest around the euro ahead of the European open.

    Next on tap in the cross will be another speech by ECB’s Mario Draghi, due later in the session. The common currency will take centre stage then, against the backdrop of increasing speculations of further ECB easing in December.

    EUR/JPY significant levels

    The cross is retreating 0.24% at 131.54 and a break below 130.59 (low Nov.16) would expose 130.12 (low Jan.26) and finally 130.00 (psychological level). On the flip side, he next resistance lines up at 132.11 (23.6% Fibo of 137.01-130.59) followed by 134.18 (55-day sma) and finally 134.32 (200-day sma).
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