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EUR/JPY losing altitude, near 134.80

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - After briefly surpassing the key barrier at 135.00 overnight, EUR/JPY has deflated to the current 134.80/75 band ahead of the opening bell in Euroland.

    EUR/JPY lower post-German releases, ECB eyed

    The initial upside in the cross is running out of vigour at the end of the Asian session on Thursday, following the poor results from the German trade balance, showing both exports and imports contracting more than estimated.

    It will be a key session for the single currency, as the ECB will publish its Accounts from last meeting and the FOMC minutes lies ahead later in the NA session. Market participants will remain vigilant on the ECB in light of recent rumours regarding the likeliness of the central bank to modify its current QE programme (probably to be announced in December?), mainly in light of the lack of pick up in the region’s inflation figures.

    EUR/JPY significant levels

    The cross is now losing 0.01% at 134.85 with the next support at 134.44 (200d-sma) followed by 133.86 (up trend from early Sep.) and finally 133.08 (multi-month low Sep.4). On the upside, a surpass of 135.91 (55-d sma) would aim for 136.08 (down trend from mid-Aug tops) and then 137.44 (monthly peaks Sep.17).
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