EUR/JPY hits fresh lows under 131.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/JPY dropped a hundred pips from daily highs amid a stronger yen and a decline of the euro in the market. The Japanese currency gained momentum as stocks in Wall Street extended losses.

    The Dow Jones was down 1.50% and the Nasdaq was losing 1.15%. In Europe main stock indexes were about to end with sharp losses with declines between 2% and 3%. Crude oil was falling more than 4% and bottomed so far at $29.85 the barrel (WTI).

    EUR/JPY so far defends 131.00

    The pair bottomed recently at 130.98 but it bounced to the upside. So far price has been able to hold above the 131.00 zone. If it drops below 131.00 the next support level could be seen at 130.80, the lowest level it reached after the pair jumped following the decision of the Bank of Japan to introduce negative interest rates.

    On the opposite direction, immediate resistance might be seen 131.25 (Asian session low), 131.60 (20-hour moving average) and 131.99 (daily high).
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