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EUR/JPY sidelined near 130.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Japanese yen is trading almost unchanged vs. its European peer on Wednesday, prompting EUR/JPY to consolidate in the 130.60 area so far.

    EUR/JPY rebounds from 129.70

    After visiting the 129.70 region on Monday, the cross has quickly surpassed the key 130.00 barrier boosted by a renewed buying interest surrounding the euro. However, the upside bias seems to have lost some vigour just ahead of he 131.00 handle, allowing a small correction.

    Absent relevant releases in Japan, market participants will focus on the flash figures of EMU’s CPI during last month, with consensus seeing Core consumer prices rising 1.0% on a yearly basis.

    EUR/JPY significant levels

    The cross is down 0.01% at 130.62 and a break below 129.72 (low Nov.25) would open the door to 126.85 (low Mar.13) and finally 126.05 (low Apr.14). On the other hand, the next hurdle lines up at 132.25 (high Nov.19) ahead of 133.23 (high Nov.6) and then 133.44 (55-day sma).
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