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EUR/JPY keeps highs near 132.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The recent recovery of the single currency has been behind the upside in EUR/JPY, which keeps the area of session highs in the mid-132.00s so far.

    EUR/JPY consolidative ahead of US Payrolls

    The cross is following the usual consolidative sentiment amongst market participants in light of the upcoming Non-farm Payrolls (180K exp.) in the US economy, directly correlated with the likeliness of a Fed’s lift-off in December.

    In the meantime, the cross is advancing for the second consecutive session after finding some support in the 7-month uptrend around 131.70/80.

    In his speech earlier today, Governor H.Kuroda has stressed that the potential slowdown of the Chinese economy and other emerging economies pose the main threat to the domestic economy. He has also reiterated that the BoJ can meet its inflation goal by continuing its current policy.

    EUR/JPY significant levels

    The cross is up 0.09% at 132.54 with the next resistance at 132.72 (76.4% Fibo of 136.44-131.58) followed by 134.47 (200-day ma) and then 134.68 (55-day sma). On the downside, a breach of 131.88 (6-month uptrend) would expose 131.58 (low Oct.29) and then 130.12 (low Jan.26).
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