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EUR/JPY recovers losses, trades above 126

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency has recovered losses, helping the EUR/JPY cross move back above 126.00 to trade on a flat note amid thin volumes.

    Offered near 23.6% Fibo

    An early move higher ran out of steam as prices neared 126.54 (23.6% of 141.06-122.06) levels, following which a minor sell-off pushed prices to a low of 125.89.

    Mixed action in the Asian stocks ensured the JPY bulls had no reason to bid up the currency on safe haven appeal. Thin volumes are likely, given the European markets are closed. In the US session, markets may see some action following the release of final Q4 GDP reading.

    EUR/JPY Technical Levels

    The immediate hurdle is seen at 126.54 (23.6% of 141.06-122.06), above which prices could test 127.29 (Mar 11 high). On the other hand, a break below 125.89 (daily low) would expose 125.38 (previous day’s low).
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