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EUR/JPY off highs, re-tests 127.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After overnight tops near 127.30, EUR/JPY has now lost some upside momentum and it has returned to the boundaries of the 127.00 handle.

    EUR/JPY propped up by easing talk

    The cross is advancing for the fourth session in a row so far, today’s supported by increasing rumours on the likeliness of further easing by the BoJ, which in turn has added extra selling pressure to the Japanese currency.

    Mixed results from the Japanese docket showed Household Spending surpassing estimates, while Jobs/Applications ratio and annualized Retail Sales have missed expectations. Back to the euro area, February’s M3 Money Supply and Private Loans figures are next on tap.

    EUR/JPY relevant levels

    At the moment the cross is up 0.02% at 127.07 and a break above 128.35 (61.8% Fibo of 132.30-121.98) would aim for 128.91 (100-day sma) and then 130.00 (psychological handle). On the other hand, the next support lines up at 125.90 (20-day sma) followed by 124.41 (23.6% Fibo of 132.30-121.98) and then 123.00 (low Mar.9).
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