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EUR/JPY rejected at 135.90, drops below 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the EUR/JPY stalled its recovery mode near 10-DMA and retreated thereon, with the bulls now consolidating below the 100-DMA.

    EUR/JPY drops below hourly 200-SMA/100-DMA

    Currently, the EUR/JPY pair gains 0.28% to 135.74, easing-off session highs posted at 135.91 in last hours. The recent spike in EUR/JPY was short-lived and the cross turned lower, having faced rejection just shy of 136 handle.

    In last hours, the cross rallied nearly 60-pips after the shared currency jumped against its American counterpart, tracking the negative sentiment on the European stocks.

    While the upside in the cross remains limited as the USD/JPY pair trades directionless within a tight range ahead of the US housing data and a slew of Fed speaks.

    EUR/JPY Technical Levels

    To the downside, the cross finds immediate support at 135.27/34 (Today’s Low & 20, 50-DMA) below that 135.02/135 (Oct 19 Low & round number), could act as a major support. While, to the upside, the next resistance lies at 135.91/96 (Today’s High & 10-DMA), above which it could extend gains to 136.50 (psychological levels).
    For more information, read our latest forex news.

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