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EUR/JPY struggles around 133.00 after fresh highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The shared currency picked up pace at the beginning of the American session, climbing to fresh session highs versus major rivals and sending EUR/JPY back above 133.00.

    EUR/JPY reversed early weakness and having climbed more than 80 pips over the last hours through the 50-day SMA, it peaked at 133.22 in recent dealings. However, the cross is struggling to hold above the psychological mark as the yen is not giving up easily. At time of writing, the pair is trading at 133.07, up 0.19% on the day.

    From a wider view, EUR/JPY continues to back away from monthly highs reached at 134.58 thanks to the ECB not-so-aggressive easing moves on Dec 3.

    EUR/JPY technical levels

    In terms of technical levels, immediate resistances could be found at 134.10 (200-day SMA) and 134.48 (100-day SMA). On the flip side, next supports are seen at 132.43 (Dec 14 low), 132.00 (psychological level) and 131.85 (21-day SMA).
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