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EUR/JPY off lows, regains 123.00 and above

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After a brief dip towards the 122.80 area, EUR/JPY has pulled itself together and has now retaken the 123.00 handle and above.

    EUR/JPY challenges 4-week lows

    The cross has recovered the positive territory so far and is thus reverting last week’s pullback to the mid-122.00s, or 4-week lows.

    In addition, EUR/JPY remains vulnerable amidst the ongoing JPY strength and futile attempts from the BoJ to talk down the currency.

    In the data space, the next significant event in Japan will be the BoJ meeting in late April, while EMU’s final CPI figures for the month of March are due on Thursday.

    EUR/JPY relevant levels

    At the moment the cross is gaining 0.04% at 123.27 facing the next resistance at 124.38 (38.2% Fibo of 121.98-128.26) followed by 125.80 (20-day sma) and then 126.48 (55-day sma). On the flip side, a break below 122.52 (low Apr.7) would open the door to 121.98 (2016 low Mar.1) and then 118.74 (2013 low Feb.25).
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