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EUR/JPY regains 132.00 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The now better tone of the single currency is helping EUR/JPY to regain the 132.00 handle and reclaim the 132.15/20 band.

    EUR/JPY focus on BoJ

    Yesterday’s (still) hawkish tone from the FOMC have hurt EUR and prompted the cross to retreat to the mid-131.00s, levels last visited in late April. While market participants keep digesting the FOMC, the cross has managed to bounce off recent lows and looks to consolidate the break above the 132.00 handle ahead of the BoJ meeting due tomorrow.

    Against the backdrop of increasing rumours on the possibility of further easing by the BoJ, market consensus expects the central bank to leave rates unchanged and refrain from announcing additional stimulus measures.

    EUR/JPY significant levels

    The cross is now losing 0.08% at 132.17 and a breach of 130.00 (psychological level) would expose 129.59 (76.4% Fibo of 126.05-141.07) and finally 126.85 (low Mar.13). On the upside, the initial barrier lies at 133.56 (50% Fibo of 126.05-141.07) followed by 134.50 (200-day ma) and then 135.28 (55-day sma).
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