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EUR/JPY hovers around 23.6% Fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The common currency is under pressure in early Europe, leaving the EUR/JPY weaker on the day around 124.47 (23.6% Fibo of 132.29-122.06).

    Focus on stocks ahead of Draghi

    Traders are likely to track the movement in the European equity markets ahead of ECB rate decision and Draghi speech. As of now, the major European equity indices are trading flat to negative. Moreover, losses/gains in the equities may also influence the demand for Yen.

    Later in the day, the cross would be at the mercy of ECB’s actions and what Draghi says during the press conference.

    EUR/JPY Technical Levels

    The immediate support is seen at 124.20 (10-DMA), under which the prices could drift lower to 123.06 (daily low). On the other hand, a break above 125.00 (Mar 8 high) would open doors for a rise to 125.59 (Mar 4 high).
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