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EUR/JPY offered at 125, looks to test 124

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The cross in the EUR/JPY returned to the negative territory post-European open, following a temporary reversal seen in the previous session.

    EUR/JPY failed just ahead of 125 handle

    The EUR/JPY pair trades -0.15% lower at 124.30, retreating slightly from session lows struck at 124.22 last hours. The cross is seen making minor-recovery attempts as the ongoing weakness in the yen is provided the much-needed support.

    However, the bears continue to remain in charge as the EUR/USD pair remains vulnerable near 1.1000 amid a solid rebound seen in the European equities. Attention now remains on the US growth numbers due for release later today.

    EUR/JPY Levels to consider

    The pair has an immediate resistance at 125/125.01 (round number/ daily high), above which 125.57 (Feb 22 High) would be tested. On the flip side, support is seen at 124 (psychological levels) below which it could extend losses to towards 123.19 (Feb 25 Low).
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