EUR/JPY stabilizing below 131.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After testing the boundaries of 131.00 the figure on Wednesday, EUR/JPY is now trading within a narrow range around 130.80.

    EUR/JPY attention to ECB

    The cross is fading part of the recent significant advance to levels just shy of the 131.00 handle today, as market participants remain cautious ahead of the key ECB meeting due later during the European afternoon.

    Some sort of recovery in EUR has recently allowed the cross to regain ground lost following the multi-month drop to the mid-129.00s last week, although the bullish attempt seems to have run out of steam near the 131.00 mark pending cues from today’s outcome of the ECB gathering.

    EUR/JPY significant levels

    The cross is down 0.03% at 130.77 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 131.84 (23.6% Fibo of 139.09-129.61) ahead of 132.25 (high Nov.19) and then 133.33 (55-day sma).
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