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EUR/JPY hovers at daily lows

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/JPY resumed its decline over the last trading sessions, and consolidates at daily lows around 123.20. The Japanese yen edged higher against all of it majors' rivals, as the dominant bullish trend in the currency prevailed, whilst safe-havens assets are back on demand.

    Earlier, EUR/JPY advanced up to 124.35 before turning lower and retracing intraday gains. At time of writing, the pair is trading at 123.25, 0.48% below its opening price.

    EUR/JPY technical outlook

    “The technical picture shows that it is poised to extend its decline, given that in the 1 hour chart, the pair is back below its 100 and 200 SMA, with the shortest providing an immediate resistance around 123.65, while the technical indicators have accelerated their declines within negative territory, having falter on an early advance around their mid-lines,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators diverge from each other in neutral territory, but the 100 SMA has extended its decline well above the current level whilst widening the distance with the 200 SMA, in line with the ongoing bearish movement.”

    Support levels: 122.90 122.50 122.10. Resistance levels: 123.65 124.10 124.55.
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