EUR/JPY sidelined below 134.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The violent upside of the single currency on Thursday has lifted EUR/JPY beyond the 134.00 handle, although it has deflated some pips towards 133.80 since then.

    EUR/JPY looks to Payrolls

    The cross is now following the flatish performance of the shared currency ahead of the opening bell in Euroland, trading in a consolidative pattern in the upper-133.00s ahead of US Non-farm Payrolls due later (200K exp.).

    In line with the upbeat mood around EUR following the ECB statement, the cross advanced over 400 pips to print fresh multi-week highs near 134.50, albeit giving up some gains soon after. In the meantime, markets are poised for a cautious trade ahead of the European open and the publication of November’s Payrolls in the US economy.

    EUR/JPY significant levels

    The cross is down 0.22% at 133.81 and a break below 133.23 (38.2% Fibo of 139.09-129.61) would aim for 131.84 (23.6% Fibo of 139.09-129.61) and finally 129.72 (low Nov.25). On the other hand, the next hurdle lines up at 134.65 (100-day sma) ahead of 135.47 (61.8% Fibo of 139.09-129.61) and then 137.01 (monthly high Oct.9).
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