EUR/JPY: Recovery attempt thwarted

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/JPY made an attempt to recover losses, but was quickly met with offers at 132.56 despite the uptick in the Eurozone and German services PMI figures.

    Rejected at key Fib

    The cross failed to sustain above 132.85 (23.6% of 136.96-131.58) earlier today, following which it made its way to the session low of 132.28. The uptick in the German and Eurozone services PMI pushed the EUR/JPY to 132.56, but the downward revision from the preliminary estimates eventually weighed over the pair.

    Ahead in the day, the broader market sentiment could be affected by the US ADP and ISM non-manufacturing data.

    EUR/JPY Technical Levels

    At 132.40, the immediate support is seen at 132.20 (Oct 30 low), under which the losses could be extended to 131.97 (Oct 28 low). A break below the same would expose 131.58 (Oct 29 low). On the higher side, 132.85 (23.6% of 136.96-131.58) could offer resistance, above which the pair could test offers at 133.39 (Oct 30 high).
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