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EUR/JPY prints session low below 125.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/JPY pair hit a low of 124.67 in Europe after the news of a terror attack in Brussels triggered a sell-off in EUR/USD and USD/JPY pair.

    Hovers above 125.00

    The cross now trades around 125.10 levels with investors awaiting fresh news flow out of Brussels. An upbeat economic data releases across Eurozone – PMI and German IFO survey – received little attention from the markets.

    Moreover, the terror news also triggered a drop in equities, which further added to the bid tone around Yen. The cross now waits to see the reaction in the US equities following a risk-off action in Europe.

    EUR/JPY Technical Levels

    The immediate support is seen at 124.67 (daily low), under which the pair could target 123.85 (Mar 8 low). A break lower would expose 123.06 (Mar 9 low). Conversely, violation of immediate hurdle of 125.22 (previous day’s low) would shift risk in favor of a rise to 125.88 (10-DMA), above which spot could target 126.27 (daily high).
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