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EUR/JPY in a tight range around 133.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/JPY is following the directionless mood prevailing in the broader markets, currently navigating a narrow range around the 133.60 area.

    EUR/JPY indifferent to Japanese data

    The cross seems to have found some support around the 55-day sma near 133.30 so far this week, coming down from the ECB-induced spike to multi-week tops in the mid-134.00s last week.

    Today’s Japanese revision of the Q3 GDP (1.0% annualized) failed to spark any buying interest around JPY, leaving the cross to the mercy of the global risk trends. Back to Euroland, GDP figures for the third quarter are also due, with consensus expecting the economy of the region to have expanded at an annual pace of 1.6%.

    EUR/JPY significant levels

    The cross is down 0.07% at 133.67 and a breach of 133.23 (38.2% Fibo of 139.09-129.61) would aim for 131.84 (23.6% Fibo of 139.09-129.61) and finally 129.72 (low Nov.25). On the other hand, the next hurdle lines up at 134.13 (200-day sma) ahead of 134.40 (downtrend from 139.09) and then 135.47 (61.8% Fibo of 139.09-129.61).
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