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EUR/JPY retakes 131.00 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After a brief visit to the 130.60 area in early trade, EUR/JPY has now retaken the 131.00 handle and is now hovering over the 131.40 area.

    EUR/JPY lower on EUR-softness

    The cross continues to recover after the initial drop to the mid-130.00s, following a weak opening in Asia in response to the developments in Paris over the weekend. However, the cross has managed to leave the area of daily lows and remains on ‘recovery mode’ ahead of the European open.

    On the data front, Japan has entered into technical recession after GDP figures showed the second consecutive contraction QoQ, this time 0.2% in Q3. The safe haven JPY will remain under the microscope however, as speculations on further easing by the BoJ could start to dominate the sentiment. Back to Euroland, final CPI figures are due ahead of the speech by ECB’s M.Draghi.

    EUR/JPY significant levels

    The cross is retreating 0.41% at 131.31 and a breach of 130.64 (low Nov.16) would expose 130.12 (low Jan.26) and finally 128.43 (161.8% Fibo extension of 136.44-131.49). On the other hand, the next hurdle lines up at 132.01 (76.4% Fibo of 136.44-130.64) followed by 134.38 (200-day ma) and then 135.20 (100-day sma).
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