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EUR/JPY retains 133.00 post German IFO

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - EUR/JPY has seen little net changes, currently circa 133.00, following the German IFO Business Climate report, which came at 108.7 vs 109.00 previous, with current assessment 112.8 vs 113.4 previous, while expectations were unchanged at 104.7.

    BOJ next risk event, likely uneventful

    The next key mover for the pair is due during Friday's Asian session, with the Bank of Japan set to release its latest monetary policy update. Expectations for further easing have been decreasing steadily ever since September, as some encouraging signs in both economic recovery and slight inflation pressure keep BOJ Chief Kuroda on the sidelines, expectant that additional gradual progress can be achieved without the need of more accommodative tools being applied.

    EUR/JPY - Key levels to watch

    On the back of the disruptive 4.5 cents spike in the pair in response to the disappointing ECB policy meeting earlier in Dec, the market has been pushed off 132.70/85 support area at the open, a level that remain key to the downside. A loss of this level may imply further falls towards 132.45/50 (Daily S2), ahead of 132.25/30, an area of strong convergence (Weekly S1, Monthly R1, ATR 14). On the upside, 133.25/30 remains a key resistance (Weekly Pivot), followed by 133.50 (double top Dec 15/16) ahead of 133.75/80.
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