EUR/JPY hits fresh weekly lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The Japanese yen strengthened versus most competitors on Wednesday, benefited by the risk-off sentiment and despite dovish comments from BoJ Governor Kuroda.

    is extending a pullback from 1-month highs, having fallen more than 150 pips over the last sessions. The pair slid below the 50-day SMA (130.55) and hit its lowest level since the BoJ introduced negative rates last week at 130.25. It was last trading down 0.31% at 130.55.

    From a wider view, EUR/JPY staged an impressive 8-day rally before finding resistance at the 100-day SMA (132.29) on Friday and started correcting lower.

    EUR/JPY technical levels

    In terms of technical levels, next supports could be found at 130.00 (psychological level), 129.67 (10-day SMA) and 128.93 (Jan 28 low). On the flip side, resistances are seen at 132.00 (psychological level/Feb 1 high), 132.25/28 (100-day SMA/Jan 29 high) and 132.78 (Dec 22 high).
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