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EUR/JPY: Recovery stalls near 132.60

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The cross in the EUR/JPY found renewed bids near 132.25 levels and retreated from session lows as the ongoing yen weakness cushions the downside.

    EUR/JPY rejected at 133 handle

    Currently, the EUR/JPY pair trades -0.25% lower at 132.42, recovering from fresh session lows struck at 132.25 last hours. The cross remains pressured on the back of heavy selling seen in EUR/USD, as markets continue to favour the US currency amid increased Dec rate hike chatter.

    However, growing weakness in the Japanese currency versus the US dollar offers some respite to the EUR/JPY bulls. Meanwhile, the cross will continue to track the sentiment on the equities ahead of an eventful North American session.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 132.92/133 (Today’s High/ round number), above which it could extend gains to 133.40/59 (Oct 30 & 28 High). To the downside, the cross finds immediate support at 132.18 (Oct 30 Low), below that 131.92 (Oct 28 Low), could act as a major support.
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