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EUR/JPY: Off lows, but offered tone intact amid signs of risk-off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/JPY pair recovered from daily lows to trade around 124.55, but the bid tone around Yen stays intact amid signs of China-led risk-off in Asian equities.

    Trades above 23.6% fibo

    The cross currently sits above 124.47 (23.6% of 132.29-124.47) after printing a low of 124.24 levels. Risk sentiment in Asia was hurt by dismal China trade data. Consequently, the Japanese Yen ticked higher against most majors.

    The traders now await the European opening bell to see if the China-led risk-off worsens in Europe. Moreover, traders could look through the Eurozone GDP figures if risk-off tone is more pronounced in Europe.

    EUR/JPY Technical Levels

    The immediate support is seen at 124.47 (23.6% of 132.29-124.47), followed by 10-DMA support at 124.14, which if breached could see the cross test bids at 123.09 (Mar 2 low). On the other hand, resistance is noted at 125 (daily high) followed by hurdle at 125.59 (Mar 4 high) and 126.09 (Apr 14 low).
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