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EUR/JPY off highs back to 135.30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After hitting daily highs near 135.60 during overnight trading, EUR/JPY has surrendered initial gains and is now deflating to the 135.35/30 band.

    EUR/JPY found support near 135.00

    The persistent softness around the shared currency has prompted sellers to cluster around the 136.00 area, although a decent support seems to have also emerged around the 135.00 handle so far, relegating the cross to a choppy trade at the start of the week.

    In the meantime, Japanese trade balance figures will be the next risk event around JPY in the very near term, while the ECB meeting on Thursday will surely set the tone for the days to come in EUR.

    EUR/JPY significant levels

    The cross is now losing 0.04% at 135.31 and a breach of 134.50 (200d-sma) would aim for 134.25 (uptrend from August low) and finally 133.19 (low Sep.22). On the flip side, the initial up barrier lines up at 135.63 (55-day sma) followed by 135.89 (100-day sma) and then 136.51 (downtrend from September top).
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