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EUR/JPY sidelined, challenges 132.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The generalized weakness surrounding the single currency has prompted EUR/JPY to challenge the critical support at 132.00.

    EUR/JPY indifferent on German data

    The cross is eroding the support given by the 6-month uptrend from April’s low near the 126.00 handle, opening the door for a potential break below it in case of further EUR-weakness.

    On the data front, German Factory Orders have contracted 1.7% on a monthly basis during September. Next on tap in the euro region will be EMU’s Retail Sales followed by the speech by ECB’s M.Draghi.

    EUR/JPY significant levels

    The cross is losing 0.02% at 131.99 with the next support at 131.80 (6-month uptrend) ahead of 131.58 (low Oct.29) and then 130.12 (low Jan.26). On the other hand, a surpass of 132.72 (76.4% Fibo of 136.44-131.58) would expose 134.47 (200-day ma) and then 134.72 (55-day sma).
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