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EUR/JPY selling extends into 3rd day, near 123.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/JPY cross remains heavily offered in the Asian this Wednesday, extending its losing streak into third straight session as the common currency battering continues ahead of Thursday’s ECB meeting.

    EUR/JPY flat-lined below 123.70

    The EUR/JPY pair trades -0.31% lower at 123.60, bouncing off session lows struck at 123.45 earlier on the day. The EUR/JPY cross appears to stall its downslide, although remains deep in the red largely on the back of ongoing weakness in the EUR/USD pair, as markets fret over bold steps likely to be taken by the ECB tomorrow in a bid to combat deflationary pressures in the Euro zone.

    While the USD/JPY pair trade muted around 112.60, providing little impetus to the cross in the EUR/JPY. Meanwhile, markets remain on the back foot ahead of the Chinese CPI figures and the ECB policy meeting tomorrow, which are expected to have major impact on the prices.

    EUR/JPY Levels to consider

    The pair has an immediate resistance at 124.06/14 (1h 200-SMA/ Mar 1 High), above which 124.66/70 (Feb 29 High) would be tested. On the flip side, support is seen at 123.23 (Mar 3 Low) below which it could extend losses to towards 123 (round number).
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