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EUR/JPY lowest levels since 2013

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/JPY is currently trading at with a high of 124.62 and a low of 124.08 so far.

    EUR/JPY has followed suit of the yen crosses, and bears are taking control as the Yen picks up momentum across the board. There is little to come in Asia as a catalyst and we await the European and US data, although we heard Japan's economy minister, Noboteru Ishihara, who earlier explained that they are not engaged in competitive currency devaluation.

    For the trading day ahead, the Feb German IFO business survey should show climate down to 106.8. Then, further along, we will have the G20 in Shanghai where currency will be a topic on the agenda and could be a market moving event in Yen crosses.

    EUR/JPY levels

    EUR/JPY is at the lowest levels since 2013, with the euro dragged down on the UK fundamentals and the cross suffering at the hands of the bears below the weekly 200 sma at 128.73.

    While below there, the cross remains in bearish territory, extending the downside from the start of 2015 business while the 2016 recovery was short-lived at the 100 dma at 131.19 today. RSI (14) on the 1hr chart is 33.
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