EUR/JPY in a tight range near 131.50, ZEW eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling mood remains unabated around the common currency during the first half of the week, sending EUR/JPY to the mid-131.00s so far.

    EUR/JPY supported near 131.40

    The cross is now looking to recover part of the ground lost in the Asian session, dropping from daily highs near 131.80 to the 131.40 area, where some decent support has emerged.

    Absent relevant releases in the Japanese docket, the ZEW Survey in both Germany and the EMU will take centre stage in Euroland today. Prior surveys see German Economic Sentiment to have improved to 5.5 for the current month, up from 1.9 previous.

    EUR/JPY significant levels

    The cross is up 0.03% at 131.68 facing the next resistance at 132.14 (23.6% Fibo of 137.01-130.65) followed by 134.36 (200-day ma) and then 135.15 (100-day sma). On the other hand, a breakdown of 130.65 (low Nov.16) would expose 130.12 (low Jan.26) and finally 130.00 (psychological level).
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