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EUR/JPY hits 6-day lows under 132.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/JPY continued to slide during the US session and printed a fresh 6-day low at 131.83. The pair is approaching last week lows that lie at 131.56 and remains under pressure trading below 132.00.

    Weak JPY, weaker EUR

    The pair is falling for the second day in a row despite the rally of USD/JPY that today reached above 121.50 the highest level in two months. A weak euro in the market pushed EUR/JPY to the downside.

    Today is losing almost a hundred pips and appears to be headed toward October lows after the bullish correction from 131.55, found resistance above 133.00 and changed the trend.

    EUR/JPY key resistance

    The bias is likely to favor the downside in the short term as long as the pair remains below the 132.50/70 area, that could be consider an important dynamic resistance, where a downtrend line from last week highs currently stands and also the 20-SMA in four hour charts.

    A break above 132.50 could boost the euro, while holding below, October lows would remain expose.
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