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EUR/JPY off lows after EZ data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/JPY pair recovered from the low of 131.96 to trade around 132.10 after the Eurozone data showed the economic recovery remains weak.

    Weekly loss or gain?

    The pair is trading just a few pips short of this week’s opening price of 132.21. Whether the pair suffers weekly loss for the fifth consecutive week or turns higher depends on the US advance retail sales data. A strong figure could weigh heavily on the EUR and lead to a weekly loss.

    As of now, the pair is hovering around 132.10 and pointing towards the hourly 50-MA located at 132.16.

    EUR/JPY Technical Levels

    The immediate resistance is located at 132.16 (hourly 50-MA), above which gains could be extended to 132.33 (hourly 200-MA). A break above would expose 132.75 (Nov 12 high). On the other side, support is seen at 131.96 (daily high) and 131.58 (Oct 29 low).
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