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EUR/JPY sinks to lows near 127.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The risk aversion is gathering further steam at the end of the Asian session on Wednesday, dragging EUR/JPY to test session lows in the 127.80 area.

    EUR/JPY lower on JPY-buying

    The cross has resumed its downward path today as the demand for the safe haven JPY remains on the rise following a negative close of the Japanese Nikkei index -down 3.7% for the day - amidst a generalized weak tone in the Asian markets.

    The cross is thus extending its kind of consolidative pattern between 127.00 and 129.00 that has been prevailing since the new year has kicked in.

    EUR/JPY relevant levels

    At the moment the cross is retreating 0.34% at 127.84 facing the next support at 126.73 (low Jan.7) followed by 126.05 (low Apr.14) and finally 124.96 (low Jun.13 2013). On the upside, a surpass of 128.59 (23.6% Fibo of 134.62-126.73) would open the door to 129.11 (20-day sma) and then 130.99 (55-day sma).
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