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EUR/JPY: minor recovery within bearish channel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - EUR/JPY has been rejected at the 200 SMA at 132.39 currently and the MA continues to cap recoveries from early December highs that were made from the 129.86 lows. The price action in the cross is consolidative in quiet markets as we close down for the year this week in holiday season.

    Japan was open overnight and USD/JPY remained supported on the 120 handle despite the opening offer in early Asia that were bought into as Tokyo got going. The events are light this week, but we had the preliminary Japanese industrial production for Nov -1.0% m/m vs -0.5% expected. However, expectations are improved for Dec and January. Stocks in the US are down, but volatile on low volume with plenty of uncertainty supporting the bid in the Yen.

    EUR/JPY levels

    Technically, the price slipped below the 20 DMA at 132.54 and failures to recover back above it have opened up the possibility of a test of recent lows targeting the 130.00 psychological level first ahead of 129.67 fibo. Upside attempts target the top of the channel at 135.85.
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