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EUR/JPY off 7-week lows, stays below 5-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The offered tone surrounding the EUR/JPY cross appears to have eased slightly in the late-Asian trades, as the JPY bulls take a breather from two-back-to back sessions of gains.

    Trades below daily pivot at 133.62

    Currently, the EUR/JPY pair loses -0.37% to 133.40, recovering from fresh seven-week lows struck at 133.05 on Monday. The cross in the EUR/JPY remains pressured as the yen continues to outperform its American counterpart on the back of worsening risk-sentiment as traders remain on the side-lines ahead of the key Fed and BOJ events later this week.

    While, the muted trading in the EUR/USD pair also fails to provide any support to the bulls, keeping the cross heavily undermined and below most major moving averages both on hourly as well as daily on sticks.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 133.62/67 (daily pivot + h1 50-SMA), above which it could extend gains to 133.91/134 (Today’s High + round number). To the downside, the cross finds immediate support at 133.05/133 (Oct 26 Low + psychological levels), below that 132.74/51 (daily S2 + Sept 7 Low), could act as a major support.
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