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EUR/JPY stalls recovery near hourly 50-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the EUR/JPY found fresh bids near 135.10 region and swung higher, only to meet fresh supply near hourly 50-SMA.

    EUR/JPY in the red on weaker EUR

    Currently, the EUR/JPY pair drops -0.22% to 135.27, easing-off a spike to 135.40 last minutes. The EUR/JPY cross failed to extend its recovery beyond the hourly 50-SMA located near 135.40 and now retreats slightly from lasts, mainly driven by broad euro weakness.

    The EUR/USD remains offered as the USD bulls continue to cheer last week’s upbeat US macro data and also support the US dollar against its major peers ahead of the Fed officials’ speeches due later in New York session.

    While the yen remains bid versus the US dollar, as the latest comments from Japan’s Chief Cabinet Secretary Yoshihide Suga and the upbeat BOJ Sakura report continue to underpin.

    EUR/JPY Technical Levels

    To the downside, the cross finds immediate support at 135.08 (Today’s Low) below that 134.48 (200-DMA), could act as a major support. While, to the upside, the next resistance lies at 135.91/136 (today’s high & round number), above which it could extend gains to 136.50 (psychological levels).
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