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EUR/JPY sits at fresh 9-month lows, around 127.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - EUR/JPY keeps losses in the mid-Asian trades, although retreats slightly from lows, as the yen trims gains versus the greenback amid a minor-recovery in the Japanese stocks.

    EUR/JPY trades below all major MAs on daily sticks

    Currently, the EUR/JPY pair drops -0.33% to 127.51, recovering slightly from fresh nine-month lows struck at 127.32 earlier this session. The EUR/JPY cross maintains the offered tone on the back of a renewed bout of selling seen in the EUR/USD, after the USD regained lost ground against its major peers.

    On the other side, a minor-recovery in the USD/JPY pair helps limit the downside in the cross, now pushing EUR/JPY away from session lows and towards the hourly 5-SMA placed at 127.72.

    IN the day ahead, a series of US macro updates will be closely eyed ahead of the FOMC minutes for fresh USD moves, which will eventually impact EUR/JPY.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 128 (round number), above which it could extend gains to 128.34 (daily pivot). To the downside, the cross finds immediate support at 127.32/25 (daily low/ daily S3), below that 127/126.80 (April 2015 levels), could act as a major support.
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