EUR/JPY rejected near 126.90, fresh 11-day high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The cross in the EUR/JPY is currently seen trimming gains and moves further away from 127 handle amid thin trades on Easter Monday.

    EUR/JPY stays well above 126 handle

    The EUR/JPY pair trades 0.28% at 126.69, retreating from fresh 11-day highs reached at 126.87 earlier on the day. The EUR/JPY cross bolted higher this session mainly on the back of yen weakness against the US dollar, while the recent retreat in the prices can be also attributed to the receding gains seen on the USD/JPY pair.

    While the euro remains flat-lined versus the greenback awaiting fresh incentives from the NY session today, as the European markets remain closed on account of the Easter holiday. In the week ahead, focus remains on the Euro zone CPI and payrolls data from the US for next direction on the pair.

    EUR/JPY Levels to consider

    The pair has an immediate resistance at 127/ 127.03 (round number/ daily R3) and from there to 127.30 (Mar 11 High). On the flip side, support is seen at 126.31/28 (Mar 27 Low/ 5-DMA) below which it could extend losses to towards 126/125.93 (psychological levels/ 20-DMA).
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